Philippines Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Philippines Life Insurance Market Report Overview
The gross written premium of the Philippines life insurance market was MZN308.8 billion ($5.6 billion) in 2022 and is expected to achieve a CAGR of more than 5% during 2023-2027. The Philippines life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Philippines’s life insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.
Philippines Life Insurance Market Outlook, 2022-2027 (MZN Billion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Philippines economy and demographics, and provides detailed information on the competitive landscape in the country. It also gives insurers access to information on segment dynamics competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | MZN308.8 billion ($5.6 billion) |
CAGR (2023-2027) | >5% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Distribution Channels | · Financial Advisor
· Bank · Direct from Insurer · Online Aggregator · Insurance Broker · Others |
Leading Companies | · Sun Life of Canada (Philippines)
· Pru Life Insurance · Allianz PNB Life Insurance · Philippine Axa Life Insurance · BDO Life Assurance |
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Philippines Life Insurance Market Trends
Focus on ESG, encouragement to digital initiatives, and focus on inclusive insurance plans are some of the recurring trends in the Filipino life insurance market. For instance, in June 2023, Sun Life Philippines launched its first sustainability fund known as the VUL Equity Fund. The main aim of this fund is to generate long-term capital appreciation by investing in global funds that are focused on Environmental, Social, and Governance (ESG) factors and to deliver this long-term value through strong fundamentals and sustainable investing principles.
Philippines Life Insurance Market Segmentation by Distribution Channels
The key distribution channels in the Philippines life insurance industry are financial advisor, bank, direct from insurer, online aggregator, insurance broker, and others. As of 2023, most customers in the country preferred purchasing life insurance from financial advisors.
Philippines Life Insurance Market Analysis by Distribution Channels, 2023 (%)
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Philippines Life Insurance Market - Competitive Landscape
Some of the leading life insurance companies in Philippines are Sun Life of Canada (Philippines), Pru Life Insurance, Allianz PNB Life Insurance, Philippine Axa Life Insurance, and BDO Life Assurance among others. The Sun Life of Canada (Philippines) was the largest life insurer in 2022.
Philippines Life Insurance Market Analysis by Companies, 2022 (%)
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Segments Covered in the Report
Philippines Life Insurance Distribution Channel Outlook (Value, MZN Billion, 2018-2027)
- Financial Advisor
- Bank
- Direct from Insurer
- Online Aggregator
- Insurance Broker
- Others
Scope
This report provides:
- A comprehensive analysis of the life insurance segment in the Philippines.
- Historical values for the Philippines life insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top life insurance companies in Philippines and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Philippines life insurance segment.
- A comprehensive overview of the Philippines economy, government initiatives, and investment opportunities.
- The Philippines insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Philippines life insurance segment’s market structure gives details of lines of business.
- The Philippines life reinsurance business’ market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by the Philippines life insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Philippines life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Philippines life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Philippine Axa Life Insurance Corporation
Pru Life Insurance Corporation of UK
Allianz PNB Life Insurance Inc.
FWD Life Insurance Corporation
BDO Life Assurance Company Inc.
BPI-AIA Life Assurance Corporation
Manufacturers Life Insurance Co. (Phils.) Inc
Table of Contents
Frequently asked questions
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What was the Philippines life insurance market gross written premium in 2022?
The gross written premium of the Philippines life insurance market MZN308.8 billion ($5.6 billion) in 2022.
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What is the growth rate of the Philippines life insurance market?
The life insurance market in Philippines is expected to achieve a CAGR of more than 5% during 2023-2027.
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Which distribution channel held the highest share in the Philippines life insurance market?
As of 2023, most customers in the country preferred purchasing life insurance from financial advisors.
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Who are the key companies operating in the Philippines life insurance market?
Some of the leading life insurance companies in Philippines are Sun Life of Canada (Philippines), Pru Life Insurance, Allianz PNB Life Insurance, Philippine Axa Life Insurance, and BDO Life Assurance among others.
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