Prudential Guarantee and Assurance, Inc. (PGAI) has again ranked number one among non-life insurance companies in terms of net premiums written (NPW), according to Insurance Commissioner Dennis B. Funa. Latest statistics from the Insurance Commission (IC) show PGAI has topped the non-life insurance sector in 2019, the third-straight year the company has led in NPW.
“Net premiums written are obtained by subtracting a non-life insurance company’s reinsurance cessation from gross premiums written. It represents how much of the premiums non-life insurers get for assuming risks,” Funa explained in a statement released to journalists on June 11, 2020.
Unlike gross premiums written, NPW already takes into account the effect of ceded reinsurance. It indicates an insurance company’s underwriting process and quality of risk selection, thereby retaining more risks and bigger premium retention.
PGAI’s net premiums written as of the fourth quarter of 2019 amounted to P5.03 billion. Following PGAI as second-best in NPW is Pacific Cross Insurance, Inc. (Blue Cross Insurance, Inc.) with ₱4.88 billion, while Malayan Insurance Company, Inc. landed on third spot with P3.98 billion.
Rounding out the Philippines’ top 10 list of non-insurance firms’ NPW performance are Charter Ping An Insurance Corporation with P3.61 billion; Pioneer Insurance & Surety
Corporation with P3.58 billion; BPI/MS Insurance Corporation with P3.07 billion; FPG Insurance Company, Inc. with P2.94 billion; Commonwealth Insurance Company with P2.60 billion; UCPB General Insurance Company with P1.84 billion; and Standard Insurance Company, Inc. with P1.82 billion.
The figures are based on the unaudited Quarterly Reports on Selected Financial Statistics submitted by companies to IC.
PGAI holds the record for settling the single biggest claim ever—at P7.5 billion—in the domestic insurance industry, as well as the biggest general aviation insurance claim worth $37 million.
PGAI has consistently led the field in NPW having already held this top position for five consecutive years from 2011 to 2015, then again from 2017 to 2019. This means PGAI has led in NPW a total of eight out of the last nine years.
Records posted on IC’s website reveal PGAI’s net premiums written, based on submitted annual statements, reached P4.81 billion in 2017 and P5.22 billion in 2018—the highest among non-life insurance firms for those years.
Meanwhile, the country’s entire non-life insurance sector in 2019 booked NPW amounting to P58.82 billion, a 15.71% increase over the P50.83 billion it registered in 2018.