Prudential Guarantee leads non-life sector anew in net premiums

MANILA, Philippines — Prudential Guarantee and Assurance Inc. (PGAI) retained last year the highest ranking among non-life insurance companies in terms of net premiums written (NPW),  based on quarterly reports on selected financial statistics submitted to the Insurance Commission (IC).

The IC said PGAI has led non-life insurance companies in NPW since 2011.

“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,” IC Commissioner Dennis Funa said.

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 premiums.

According to the IC ranking, PGAI’s NPW as of end-2020 amounted to P4.55 billion.

Rounding out the top 10 non-life insurers and their respective NPW  are Malayan Insurance Co. (P4.08 billion); Pacific Cross Insurance Inc./Blue Cross Insurance Inc. (P3.32 billion); Pioneer Insurance & Surety Corp. (P2.97 billion); BPI/MS Insurance Corp. (P2.82 billion); Charter Ping An Insurance Corp. (P2.64 billion); Mercantile Insurance Co. (P2.04 billion); Commonwealth Insurance Co. (P1.79 billion); FPG Insurance Co. (P1.69 billion) and Standard Insurance Co. (P1.51 billion).