MANILA, Philippines - Malayan Insurance Co. Inc. has re-established itself as the country’s number one non-life insurer, with the release of preliminary rankings by the Insurance Commission (IC).
Based on annual reports and financial statements by various non-life and general insurance companies submitted to the Insurance Commission, the latest IC rankings showed that Malayan has continued to widen its gap from its rivals, cornering 12.54 percent market share in 2013. Malayan’s gross premiums written (GPW) of P7.4 billion in 2013 is 21.4 percent more than its nearest competitor.
The year 2013 marks the 44th consecutive year – since 1970 – that Malayan has earned the number one position, further solidifying the Company’s reputation as the most preferred non-life insurance provider in the country.
Malayan Insurance Co., Inc. is a member of the Yuchengco Group of Companies, one of the country’s largest conglomerates into financial services, banking, investments, construction, education, energy and information technology.
Malayan Insurance offers a wide range of non-life insurance products such as fire, motorcar, accident, travel, casualty, aviation and marine insurance, as well as surety bonds to help fulfill the insurance needs of both Filipino corporations, families, and individuals.
A.M. Best, the world’s most authoritative insurance ranking institution, has recently upgraded Malayan Insurance’s issuer credit rating (ICR) from its previous rating of “bbb” to “bbb+”. It also affirmed Malayan’s financial strength rating (FSR) of B++ (Good). The outlook for both ratings (ICR and FSR) is stable.