菲律宾保险行业市场前景及投资研究报告-外文版培训课件

INDUSTRIES

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MARKETSInsuranceindustryinthePhilippinesCHAPTER

01OverviewGrossvalueaddedgeneratedfromtheinsuranceandpensionfundinginthePhilippinesfrom2018to2023(inbillionPhilippinepesos)GVAfrominsuranceandpensionfundingPhilippines2018-2023300262.11256.68251.08249.5725020015010050238.72227.8602018201920202021202220234Description:In2023,thegrossvalueaddedgeneratedfromtheinsuranceandpensionfunding,exceptcompulsorysocialsecurity,inthePhilippinesamountedtoapproximately262.11billionPhilippinespesos.Theindustry'sGVAfluctuatedsince2018.

ReadmoreNote(s):Philippines;2018to2023;exceptcompulsorysocialsecuritySource(s):PSA(Philippines)Shareoftheinsuranceindustrytothegrossdomesticproduct(GDP)ofthePhilippinesfrom2016to2023InsurancepenetrationPhilippines2016-20232.5%2.0%1.93%1.73%1.71%1.61%1.61%1.6%1.57%1.55%1.5%1.0%0.5%0.0%201620172018201920202021202220235Description:TheinsuranceindustryinthePhilippinescontributedaround1.6percenttothegrossdomesticproduct(GDP)in2023,reflectingadecreasefromthepreviousyear.Overthelastfewyears,theGDPshareoftheinsuranceindustryinthecountryfluctuated,reachingitslowestfiguresin2019.ReadmoreNote(s):Philippines;2016to2023Source(s):InsuranceCommissionValueofinsuranceandpensionservicesexportedfromthePhilippinesfrom2018to2023(inbillionPhilippinepesos)ExportvalueofinsuranceandpensionservicesPhilippines2018-20233.02.562.472.432.52.01.51.00.50.02.392.32.12018201920202021202220236Description:ThevalueofinsuranceandpensionservicesexportedfromthePhilippinesamountedtoapproximately2.39billionPhilippinepesosasof2023.Theexportvalueofsuchservicesinthecountryfluctuatedinthepastsixyears.

ReadmoreNote(s):Philippines;2018to2023;figuresareatconstant2018pricesSource(s):PSA(Philippines)TotalnumberoflicensedinsurancecompaniesinthePhilippinesfrom2016to2022NumberoflicensedinsurancecompaniesPhilippines2016-20221209898100806040200959493918920162017201820192020202120227/statistics/1299413/philippines-number-of-licensed-insurance-companiesIn2022,therewere89licensedinsurancecompaniesinthePhilippines,reflectingadecreaseincomparisontothepreviousyear.Inthesameyear,therewereover272thousandinsurancesalesagents,brokers,andunderwritersinthecountry.

ReadmoreNote(s):Philippines;2016to2022;FiguresincludeLicensedServicingCompanies.Source(s):InsuranceCommissionCHAPTER

02KeyindicatorsTotalpremiumsoftheinsuranceindustryinthePhilippinesfrom2016to2023(inbillionPhilippinepesos)PremiumsoftheinsuranceindustryPhilippines2016-2023450400389.61380.64374.67350308.25304.65290.1530025020015010050259.82231.880201620172018201920202021202220239Description:ThetotalvalueofinsurancepremiumsinthePhilippinesamountedtoapproximately390billionPhilippinepesos,indicatinganincreasefromthepreviousyear.Inthesameyear,theGDPcontributionoftheinsuranceindustryalsoincreased.

ReadmoreNote(s):Philippines;2016to2023Source(s):InsuranceCommissionInsurancepremiumswrittenasashareofGrossNationalIncome(GNI)inthePhilippinesfrom2013to2022GNIcontributionoftheinsurancepremiumsPhilippines2013-20222.0%1.8%1.6%1.88%1.6%1.61%1.49%1.46%1.44%1.42%1.41%1.34%1.4%1.2%1.0%0.8%0.6%0.4%0.2%0.0%1.29%20132014201520162017201820192020*2021*2022*10/statistics/1058940/philippines-insurance-premiums-as-share-of-gross-national-incomeTheinsurancepremiumswritteninthePhilippinesaccountedforabout1.61percentofthecountry'sgrossnationalincome(GNI)in2022,accordingtopreliminarydata.TheGNIshareofinsurancewrittenpremiumshadfluctuatedoverthepastyears.ReadmoreNote(s):Philippines;2013to2022;*Preliminaryfigures.Figurepriorto2016camefrompreviousreporting.ReadmoreSource(s):InsuranceCommissionTotalassetsoftheinsuranceindustryinthePhilippinesfrom2013to2023(intrillionPhilippinepesos)AssetsoftheinsuranceindustryPhilippines2013-20232.52.02.312.142.091.931.781.571.571.51.271.1110.941.00.50.02013201420152016201720182019202020212022202311/statistics/1058437/philippines-assets-insurance-industryThetotalassetsoftheinsuranceindustryinthePhilippinesamountedtoapproximately2.31trillionPhilippinepesosin2023,reflectingyear-on-yeargrowthsince2013.Inthesameyear,theGDPcontributionoftheinsuranceindustryalsoincreased.

ReadmoreNote(s):Philippines;2013to2023;includingassetsofMutualBenefitAssociations(MBA)Source(s):InsuranceCommissionTotalnetworthoftheinsuranceindustryinthePhilippinesfrom2014to2023(inbillionPhilippinepesos)NetworthoftheinsurancesectorPhilippines2014-2023500450400460.78446.81396.39381.62366.8350292.82288.4230025020015010050243.02202.71181.430201420152016201720182019202020212022202312Description:ThetotalnetworthoftheinsuranceindustryinthePhilippinesamountedtoapproximately461billionPhilippinepesosin2023,reflectingasignificantincreasecomparedtothepreviousyear.Networthrepresentsthevalueofthedifferencebetweenassetsandliabilities.ReadmoreNote(s):Philippines;2014to2023;includingthenetworthofMutualBenefitAssociations(MBA)Source(s):InsuranceCommissionDensityofinsuranceinthePhilippinesin2022,bytype(inPhilippinepesos)InsurancedensityPhilippines2022,bytype3,5003,0002,5002,0001,5001,0005002,905.9463.10LifeinsuranceNon-lifeinsurance13Description:In2022,theinsurancedensityoflifeinsuranceinthePhilippinesamountedtoapproximately2.9thousandPhilippinepesos.Meanwhile,Filipinosspentanaverageof463Philippinepesosonnon-lifeinsurance.ReadmoreNote(s):Philippines;2022;Preliminaryfigures.Source(s):InsuranceCommissionCHAPTER

03LifeinsuranceTotalvalueofpremiumincomegeneratedbylifeinsurancesectorinthePhilippinesfrom2016to2022(inbillionPhilippinepesos)PremiumincomeoflifeinsuranceindustryPhilippines2016-2022350310.45309.85300247.4125020015010050234.21230.11202.77182.860201620172018201920202021202215Description:In2022,thelifeinsuranceindustryinthePhilippinesgeneratedtotalpremiumincomeamountingtoapproximately309.85billionPhilippinepesos.Thisreflectsaslightdecreasefromthepreviousyear'stotalof310.45billionPhilippinepesos.ReadmoreNote(s):Philippines;2016to2022Source(s):InsuranceCommissionTotalvalueofsumassuredofthelifeinsurancesectorinthePhilippinesfrom2016to2022(intrillionPhilippinepesos)SumassuredoflifeinsuranceindustryPhilippines2016-202214121012.9811.3310.579.117.86864207.35.84201620172018201920202021202216Description:In2022,thetotalvalueofthesumassuredofthelifeinsuranceindustryinthePhilippinesamountedtoapproximately12.98trillionPhilippinepesos.Thisreflectsanincreasefromthepreviousyear'stotalof11.33trillionPhilippinepesos.Sumassuredistheamountofthecoverageoutlinedintheinsurancepolicythatthepolicyholderisguaranteedtoreceivefromtheinsurerbeforeanybonuses.ReadmoreNote(s):Philippines;2016to2022Source(s):InsuranceCommissionInsurancedensityoflifeinsuranceandmutualbenefitassociations(MBA)inthePhilippinesfrom2013to2022(in1,000Philippinepesos)InsurancedensityoflifeinsuranceandMBAPhilippines2013-20223.52.942.913.02.52.01.51.00.50.02.382.32.282.031.851.861.791.6520132014201520162017201820192020*2021*2022*17Description:Theinsurancedensityoflifeinsuranceandmutualbenefitassociations(MBA)inthePhilippinesamountedtoapproximately2,905.9Philippinepesosin2022,accordingtopreliminarydata.Theaveragespendingbyeachindividualonlifeinsurancehasincreasedoverallsince2015.ReadmoreNote(s):Philippines;2013to2022;*Preliminaryfigures.Figureshavebeenrounded.

OnePhilippinespesoisequalto0.018U.S.dollarsand0.016eurosasofFebruary2024.Figurespriorto2018camefromearlierreporting.

ReadmoreSource(s):InsuranceCommissionNumberofnewly-insuredpeoplewithalifeinsuranceinthePhilippinesfrom2016to2022(inmillions)NumberofnewlyinsuredpeoplewithalifeinsurancePhilippines2016-202230252026.9824.8921.6616.041510513.3910.7320167.88020172018201920202021202218Description:ThenumberofpeopleinthePhilippineschoosingtogetlifeinsurancesignificantlyincreasedbetween2016and2022.Frommerely11,000in2016,thisfigurehasreachedcloseto27,000in2022.Despitethis,ꢀthepenetrationrateoftheinsuranceindustryinthecountryremainedlowerthantheglobalaverage.ReadmoreNote(s):Philippines;2016to2022Source(s):InsuranceCommissionCHAPTER

04Pre-needinsuranceNumberofpre-needinsuranceplanssoldinthePhilippinesin2023,bytypeNumberofpre-needinsuranceplanssoldPhilippines2023,bytype800,000748,766700,000600,000500,000400,000300,000200,000100,000035137LifeplanPensionplanEducationplan20Description:In2023,lifeplanswerethemostsoldpre-needinsuranceplansinthePhilippines,withtotalplanssoldreachingroughly749,000.Duringthatsameperiod,St.PeterLifePlans,Inc.wastheleadingpre-needinsurancecompanyinthecountryintermsoftotalassets.ReadmoreNote(s):Philippines;2023Source(s):InsuranceCommissionTotalassetsofthepre-needinsuranceindustryinthePhilippinesfrom2020to2023(inbillionPhilippinepesos)Assetsofpre-needinsurancesectorPhilippines2020-2023160152.34141.59141.09140120101.98100806040200202020212022202321Description:AsofDecember2023,thetotalassetsofthepre-needinsuranceindustryinthePhilippinesreachedapproximately152billionPhilippinepesos.Inthatsameperiod,about749thousandpre-insuranceplansweresoldinthecountry,themajorityofwhichwerelifeplans.ReadmoreNote(s):Philippines;2020to2023Source(s):InsuranceCommissionTotalnetworthofthepre-needinsuranceindustryinthePhilippinesfrom2020to2023(inbillionPhilippinepesos)Networthofpre-needinsurancesectorPhilippines2020-20232523.2222.3820.862018.05151050202020212022202322/statistics/1300117/philippines-net-worth-of-pre-need-insurance-sectorAsofDecember2023,thetotalnetworthofthepre-needinsuranceindustryinthePhilippinesreached23billionPhilippinepesos.Inthatsameperiod,about749thousandpre-insuranceplansweresoldinthecountry,themajorityofwhichwerelifeplans.ReadmoreNote(s):Philippines;2020to2023Source(s):InsuranceCommissionTotalpremiumincomeofthepre-needinsuranceindustryinthePhilippinesfrom2020to2023(inbillionPhilippinepesos)Premiumincomeofpre-needinsurancesectorPhilippines2020-20232522.7321.1820.56201510517.790202020212022202323Description:AsofDecember2023,thetotalpremiumincomeofthepre-needinsuranceindustryinthePhilippinesreachedroughly23billionPhilippinepesos.Inthatsameperiod,about749thousandpre-insuranceplansweresoldinthecountry,themajorityofwhichwerelifeplans.ReadmoreNote(s):Philippines;2020to2023Source(s):InsuranceCommissionCHAPTER

05HealthinsuranceDistributionofregisteredmembersofPhilHealthinthePhilippinesin2023,bysectorShareofregisteredmembersPhilHealthPhilippines2023,bysectorShareofcoveredmembers15%0%5%10%20%25%30%29%35%PrivateemployeeIndigents/NHTS-PRInformal/self-earningSeniorcitizen23%18%16%OFWs/migrantworkerGovernmentemployeeSponsoredprogramLifetimemember5%5%2%2%Kasambahay

0.12%Others*

0.02%25Description:AsofDecember31,2023,privateemployeesaccountedfor29percentofthetotalregisteredmembersofthePhilippineHealthInsuranceCorporationorPhilHealth.Privateemployeescoverhalfoftheirpremiummembershippaymentswhiletheremaininghalfispaidbytheiremployers.UndertheUniversalHealthCareAct,allFilipinosareautomaticallyenrolledasaPhilHealthmember.Themembershipcoversfreemedicalconsultationandlabfees.

ReadmoreNote(s):Philippines;January1toDecember31,2023;*Othersincludefamilydrivers.Filipinoswithdualcitizenship,naturalizedFilipinocitizens,PRAforeignretirees,citizensofothercountriesworking,residing,orstudyinginthePhilippines.[...]ReadmoreSource(s):PhilHealthTotalnumberofbeneficiariesofPhilHealthinthePhilippinesin2022and2023,bymembershipcategory(inmillions)NumberofbeneficiariesofPhilHealthPhilippines2022-2023,bymembershipcategory202220238070605040302010066.6765.0541.8439.04DirectcontributorsIndirectcontributors26Description:In2023,therewereabout67millionbeneficiariesofPhilHealththatwerecategorizedasdirectcontributors.Ontheotherhand,indirectcontributorscomprisingoftheindigent,seniorcitizens,andsponsoredprogramsmembershadaround42millionbeneficiaries.Beneficiariesincludethemembersandtheirqualifieddependents.ReadmoreNote(s):Philippines;2022and2023Source(s):PhilHealthTotalvalueofclaimspaidbyPhilHealthinthePhilippinesin2023,bymembership(intrillionPhilippinepesos)ValueofclaimspaidbyPhilHealthPhilippines2023,bymembershipValueofclaimsintrillionPhilippinepesos051015202530SeniorcitizenInformal/self-earningPrivateemployee26.2822.2322.02SponsoredprogramIndigents/NHTS-PRGovernmentemployeeLifetimemembersOFWs/migrantworkerKasambahay19.7514.38.837.721.150.54Others*

0.0327Description:AsofDecember31,2023,thevalueofhealthclaimspaidbyPhilHealthinthePhilippinesreachedapproximately122.4trillionPhilippinepesos.Thehighestvaluewerepaidforhealthclaimsofregisteredmemberswhowereseniorcitizenswhichamountedto26.28trillionPhilippinepesos,followedbythosefromtheinformalorself-earningmembersat22.23trillionPhilippinepesos.ReadmoreNote(s):Philippines;January1toDecember31,2023;*Othersincludefamilydrivers.Filipinoswithdualcitizenship,naturalizedFilipinocitizens,PRAforeignretirees,citizensofothercountriesworking,residing,orstudyinginthePhilippines.[...]ReadmoreSource(s):PhilHealthValueofpremiumcontributionsofmembersofPhilHealthinthePhilippinesin2023,bycategory(inbillionPhilippinepesos)PremiumcontributionsofPhilHealthmembersPhilippines2023,bycategoryValueinbillionPhilippinepesos0102030405060708090100110PrivateemployeeSeniorcitizens98.1342.93GovernmentemployeeIndigents/NHTS-PRInformaleconomy38.9635.269.04Sponsoredprogram*0.6228Description:ThevalueofthepremiumcontributionsofprivatelyemployedmembersofPhilHealthinthePhilippinesamountedtoapproximately98billionPhilippinepesos.Meanwhile,byseniorcitizenshadpremiumcontributionsamountingtoroughly43billionPhilippinepesos.ReadmoreNote(s):Philippines;January1toDecember31,2023;*Sponsoredprogramsfallunderthespecialgovernmentprograms(PAMANAandBangsamoro),NGAs,LGUs,POS,Private,etc.Indigents,seniorcitizens,andsponsoredprogrammembersall[...]

ReadmoreSource(s):PhilHealthValueofassetsoftheHealthMaintenanceOrganizations(HMOs)inthePhilippinesfrom2016to2022(inbillionPhilippinepesos)TotalassetsofHMOsPhilippines2016-20227061.4460.76055.315040302010046.6732.2430.7217.02201620172018201920202021*2022*29Description:ThetotalassetsoftheHealthMaintenanceOrganizations(HMOs)inthePhilippinesamountedtoapproximately55.31billionPhilippinepesosin2022.Theassociationaimstoprovidefinancialsupporttoitsmembersandtheirdependentsintheformofdeathandsicknessbenefits,providentsavings,andloanredemptionassistance.ReadmoreNote(s):Philippines;2016to2021;FigureswerepriortoverificationbyIC.;*Preliminaryfigures.OnePhilippinepesoisequalto0.018U.S.dollarsand0.017eurosasofFebruary2024.ꢀFigureshavebeenrounded.

ReadmoreSource(s):InsuranceCommissionNumberoflicensedHealthMaintenanceOrganizations(HMOs)inthePhilippinesfrom2016to2022TotalnumberoflicensedHMOsPhilippines2016-20223532312929292930252015105160201620172018201920202021*2022*30Description:Therewere29licensedHealthMaintenanceOrganizations(HMOs)inthePhilippinesin2022,reflectingadecreasefromtheprioryears.Theassociationaimstoprovidefinancialsupporttoitsmembersandtheirdependentsintheformofdeathandsicknessbenefits,providentsavings,andloanredemptionassistance.ReadmoreNote(s):Philippines;2016to2022;*Preliminaryfigures.IncludesHMOswithlicensethatareintheprocessofrenewal.ReadmoreSource(s):InsuranceCommissionCHAPTER

06GeneralinsuranceTotalliabilitiesofthenon-lifeinsuranceindustryinthePhilippinesfrom2018to2023(inbillionPhilippinepesos)Liabilitiesofthenon-lifeinsuranceindustryPhilippines2018-2023300250241.46240.69202.95200174.58153.09151.4415010050020182019202020212022202332Description:Thetotalliabilitiesofthenon-lifeinsuranceindustryinthePhilippinesamountedtoapproximately240.7billionPhilippinepesosin2023.Thetotalliabilitiesofthenon-lifeinsuranceindustryinthecountrypeakedin2022.ReadmoreNote(s):Philippines;2018to2023;asofDecember31eachyearSource(s):InsuranceCommissionTotalnetworthofthenon-lifeinsuranceindustryinthePhilippinesfrom2018to2023(inbillionPhilippinepesos)Networthofthenon-lifeinsurancesectorPhilippines2018-2023140120129.76128.28115.64105.6698.1410080604020082.3320182019202020212022202333Description:Thetotalnetworthofthenon-lifeinsuranceindustryinthePhilippinesamountedtoapproximately128billionPhilippinepesosin2023.Thenetworthofthenon-lifeinsurancesectorinthecountrypeakedintheyearprior.ReadmoreNote(s):Philippines;2018to2023Source(s):InsuranceCommissionInsurancedensityofnon-lifeinsuranceinthePhilippinesfrom2013to2022(inPhilippinepesos)Non-lifeinsurancedensityinthePhilippines2013-2022600500400532.5507.2498.9468.5466.5463.1411.2359.9320.9294.9300200100020132014201520162017201820192020*2021*2022*34Description:Theinsurancedensityofnon-lifeinsuranceinthePhilippineswas463.1Philippinepesosin2022,accordingtopreliminarydata.TheaveragespendingofeachindividualinthePhilippinesonnon-lifeinsurancewashighestin2019.ReadmoreNote(s):Philippines;2013to2022;*Preliminaryfigures.OnePhilippinespesoisequalto0.018U.S.dollarsand0.016eurosasofFebruary2024.Figurespriorto2018camefromearlierreporting.

ReadmoreSource(s):InsuranceCommissionTotalvalueofgrosspremiumswrittenbydirectwritingcompaniesfornon-lifeinsuranceinthePhilippinesfrom2015to2021(inbillionPhilippinepesos)Grosspremiumswrittenfornon-lifeinsurancePhilippines2015-2021120103.61100.9696.2710080604020092.3183.4877.1571201520162017201820192020202135Description:In2021,thegrossvalueofthepremiumswrittenbydirectwritingcompaniesfornon-lifeinsuranceinthePhilippinesamountedtoapproximately104billionPhilippinepesos,indicatinggrowthfromthepreviousyear.Grosspremiumisthetotalpremiuminaninsurancepolicybeforethebrokeragefeeordiscountsarededucted.ReadmoreNote(s):Philippines;2015to2021;excludingGovernmentServiceInsuranceSystem(GSIS)Source(s):PIRATotalvalueofgrosspremiumswrittenbydirectwritingcompaniesfornon-lifeinsuranceinthePhilippinesin2021,bytype(inbillionPhilippinepesos)Grosspremiumsfornon-lifeinsurancePhilippines2021,bytype4036.78353025201510526.5422.975.850FireMotorcarMarineandaviationOthers36Description:ThetotalgrossvalueofpremiumswrittenbydirectwritingcompaniesforfireinsuranceinthePhilippinesamountedtoapproximately37billionPhilippinepesosin2021-thehighestamongtheothersegmentsinthenon-lifeinsuranceindustry.Incomparison,thegrosspremiumswrittenformarineandaviationinsuranceamountedtoaboutsixbillionPhilippinepesos.ReadmoreNote(s):Philippines;2021;excludingGovernmentServiceInsuranceSystem(GSIS)Source(s):PIRADistributionofpremiumswrittenbydirectwritingcompaniesfornon-lifeinsuranceinthePhilippinesin2021,bylineofbusinessShareofdirectpremiumswrittenfornon-lifeinsurancePhilippines2021,bybusinessMarine6%Others25%Fire40%Motor29%37Description:In2021,40percentofthepremiumswrittenbydirectwritingcompaniesfornon-lifeorgeneralinsuranceinthePhilippineswasattributedtofireinsurance.Thiswasfollowedbymotorcarinsurancewitha29percentshareinthetotaldirectpremiumswrittenfornon-lifeinsuranceinthecountry.ReadmoreNote(s):Philippines;2021;excludingpremiumsfromtheGovernmentServiceInsuranceSystem(GSIS).Source(s):PIRATotalvalueofgrosspremiumswrittenbydirectwritingcompaniesforfireinsuranceinthePhilippinesfrom2015to2021(inbillionPhilippinepesos)GrosspremiumswrittenforfireinsurancePhilippines2015-2021504540353025201510543.0638.4434.3231.6529.2727.1526.30201520162017201820192020202138Description:In2021,thegrossvalueofthepremiumswrittenbydirectwritingcompaniesforfireinsuranceinthePhilippinesamountedtoapproximately43.1billionPhilippinepesos.Fireinsuranceiscoverageorprotectiontoaninsuredperson'spropertyincaseoffire.ReadmoreNote(s):Philippines;2015to2021;excludingGovernmentServiceInsuranceSystem(GSIS)Source(s):PIRATotalvalueofgrosspremiumswrittenbydirectwritingcompaniesformotorcarinsuranceinthePhilippinesfrom2015to2021(inbillionPhilippinepesos)GrosspremiumsdirectbusinessmotorcarinsurancePhilippines2015-20213530.743025201510528.7326.8826.926.2423.4820.20201520162017201820192020202139Description:ThetotalgrossvalueofpremiumswrittenbydirectwritingcompaniesformotorcarinsuranceinthePhilippinesamountedtoapproximately27billionPhilippinepesosin2021.Theoverallgrosspremiumwrittencoveringtherisksandlossesagainstmotorcaraccidentswashighestin2019.ReadmoreNote(s):Philippines;2015to2021;excludingGovernmentServiceInsuranceSystem(GSIS)Source(s):PIRAIncurredlossesfornon-lifeinsurancebusinessinthePhilippinesin2021,bylineofbusiness(inmillionPhilippinepesos)Incurredlossesfornon-lifeinsurancebusinessPhilippines2021,bytype12,0009,987.8210,0008,0006,0004,0002,00006,177.943,820.53Others565.76MotorcarFireMarineandaviation40Description:In2021,thetotallossesincurredformotorcarinsurancebusinessesinthePhilippinesamountedtoapproximately10billionPhilippinepesos-thehighestamongothersegmentsinthenon-lifeinsuranceindustry.Incurredlossespertaintoclaimspaidtocompensatetheinsured,basedonthecoverageoutlinedinthepolicycontract.ReadmoreNote(s):Philippines;2021;excludingGovernmentServiceInsuranceSystem(GSIS)Source(s):PIRACHAPTER

07LeadingcompaniesLeadinglifeinsurancecompaniesinthePhilippinesin2023,bypremiumincome(inbillionPhilippinepesos)MajorlifeinsurancecompaniesPhilippines2023,bypremiumincomePremiumincomeinbillionPhilippinepesos0102030405060SunLifeofCanada(Philippines),Inc.PruLifeInsuranceCorporationofU.K.AllianzPNBLifeInsurance,Inc.55.7946.1926.1124.2621.76FWDLifeInsuranceCorporationPhilippineAxaLifeInsuranceCorporationBDOLifeAssuranceCompanyInc.18.26InsularLifeAssuranceCompany,Limited,TheManufacturersLifeInsuranceCompany(Phils.),Inc.BPI-AIALifeAssuranceCorporation15.5715.5415.03SunLifeGREPAFinancial,Inc.13.4842Description:ThePhilippines'steadyeconomicgrowthhasresultedinthespurringofthecountry'slifeinsurancebusinessintoamulti-billion-pesoindustry.In2023,SunLifeCanadawastheleadinglifeinsurancecompanyinthecountrywithapremiumincomeofapproximately56billionPhilippinepesos.ReadmoreNote(s):Philippines;asofDecermber31,2023Source(s):InsuranceCommissionLeadinglifeinsurancecompaniesinthePhilippinesin2023,byassets(inbillionPhilippinepesos)MajorlifeinsurancecompaniesPhilippines2023,byassetsAssetsinbillionPhilippinepesos50

100

1500SunLifeofCanada(Philippines),Inc.200250300350306.33AIAPhilippinesLifeandGeneralIns.Co.Inc.PhilippineAxaLifeInsuranceCorporationInsularLifeAssuranceCompany255.04166.12150.49141.17122.54116.49PRULifeInsuranceCorporationofU.K.ManufacturersLifeInsuranceCompany(Phils.),Inc.BDOLifeAssuranceCompanyInc.AllianzPNBLifeInsurance,Inc.114.71112.59BPI-AIALifeAssuranceCorporationManulifeChinabankLifeAssuranceCorporation64.7543Description:AsofDecember31,2023,SunLifeofCanadawastheleadinglifeinsurancecompanyinthePhilippinesintermsoftotalassets.Asofthisdate,theinsurancecompanyhastotalassetsof306billionPhilippinepesos.ThiswasfollowedbyAIAPhilippinesLifeandGeneralInsuranceCo.Inc.withassetsamountingto255billionPhilippinepesos.ReadmoreNote(s):Philippines;asofDecermber31,2023Source(s):InsuranceCommissionLeadinghealthmaintenanceorganizationsinthePhilippinesasofDecember2023,byrevenue(inbillionPhilippinepesos)MajorhealthmaintenancecompaniesPhilippinesQ42023,byrevenueRevenueinbillionPhilippinepesos051015202530MaxicareHealthCareCorporationAsalusCorporation(Intellicare)MedicardPhilippines,Inc.PhilhealthCare,Inc.25.5418.11103.9ValueCareHealthSystem,Inc.InsularHealthCare,IncorporatedAvegaManagedCare,Inc.EastwestHealthCare,Inc.HealthMaintenance,Inc.Life&HealthHMP,Inc.2.551.50.890.870.810.5744Desc