The Insurance Commission (IC) said that Prudential Guarantee and Assurance Inc. (PGAI) was the highest-ranked non-life insurance company in 2020, in terms of net premiums written (NPW), based on the companies’ quarterly reports on selected financial statistics submitted at the end of December last year.
PGAI led non-life insurance companies in NPW for five consecutive years, from 2011 to 2015. It again topped the sector from 2017 to 2019, its press release said.
“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 as he announced PGAI’s latest ranking.
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.
In the IC ranking, PGAI’s net premiums written as of end of fourth quarter of 2020 amounted to P4.55 billion. Placing a distant second was Malayan Insurance Co.’s NPW of P4.08 billion. Third-best in the non-life sector was Pacific Cross Insurance Inc., with P3.32 billion.
The others in the top 10 were 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.*