Major life insurance companies Philippines 2023, by premium income

The Philippines' steady economic growth has resulted in the spurring of the country's life insurance business into a multi-billion-peso industry. In 2023, Sun Life Canada was the leading life insurance company in the country with a premium income of approximately 56 billion Philippine pesos.

Sun Life of Canada - more information

Sun Life Financial Philippines has been operating in the Philippines since 1895 and has become the longest-standing life insurance company in the country. The company offers a wide range of insurance products, investment opportunities, and even financial literacy. Its products also covers business owners, overseas Filipino workers, and pensioners. In 2023, Sun Life of Canada was also the leading life insurance company in the Philippines based on assets.

Life insurance – a viable market

As more and more Filipinos were made aware of insurance benefits through policy awareness campaigns launched by insurers, their clientele multiplied. Of the two kinds of life insurance policies, the variable life policy appeared to have been more popular. Premium incomes earned through traditional and variable life insurance policies in 2022 peaked at around 94 billion and 215 billion Philippine pesos, respectively.