Synopsis
The report provides top-level market analysis, information and insights into the Philippine life insurance market, including:
Summary
The low penetration of life insurance in the Philippines, at 1.09% of the country’s GDP in 2011, provides opportunities for life insurance companies to capitalize on. Due to the adverse impact of the global economic crisis, Philippine life insurance written premium value fell dramatically from 2007 to 2009. However, the market started recovering post 2009 and is expected to grow at a healthy rate over the forecast period. The life insurance segment is expected to be driven by the increasing popularity of unit linked life insurance products, the country’s growing economy, increasing annual disposable income levels and the expanding middle-class population. Although the demand for whole life insurance products declined, the demand for unit linked products (considered as a sub-category of the individual life category) surged during the review period.
Scope
This report provides a comprehensive analysis of the life insurance market in the Philippines:
Reasons To Buy
Key Highlights
The report provides top-level market analysis, information and insights into the Philippine life insurance market, including:
- The Philippine life insurance market’s growth prospects by life insurance categories and customer segments
- The various distribution channels in the Philippine life insurance market
- The competitive landscape in the Philippine life insurance market
- A description of the life reinsurance market in the Philippines
Summary
The low penetration of life insurance in the Philippines, at 1.09% of the country’s GDP in 2011, provides opportunities for life insurance companies to capitalize on. Due to the adverse impact of the global economic crisis, Philippine life insurance written premium value fell dramatically from 2007 to 2009. However, the market started recovering post 2009 and is expected to grow at a healthy rate over the forecast period. The life insurance segment is expected to be driven by the increasing popularity of unit linked life insurance products, the country’s growing economy, increasing annual disposable income levels and the expanding middle-class population. Although the demand for whole life insurance products declined, the demand for unit linked products (considered as a sub-category of the individual life category) surged during the review period.
Scope
This report provides a comprehensive analysis of the life insurance market in the Philippines:
- It provides historical values for the Philippine life insurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
- It offers a detailed analysis of the key sub-segments in the Philippine life insurance market, along with market forecasts until 2016
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for life insurance products in the Philippines
- Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in the Philippines for the life insurance business
- It provides a detailed analysis of the reinsurance market in the Philippines and its growth prospects
- It profiles the top life insurance companies in the Philippines, and outlines the key regulations affecting them
Reasons To Buy
- Make strategic business decisions using top-level historic and forecast market data related to the Philippine life insurance market and each sector within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Philippine life insurance market
- Assess the competitive dynamics in the life insurance market, along with the reinsurance segment
- Identify the growth opportunities and market dynamics within key product categories
- Gain insights into key regulations governing the Philippine insurance market and its impact on companies and the market's future
Key Highlights
- The Philippines contains one of the fastest-growing and most promising life insurance segments in the Southeast Asian region.
- The insurance regulations were recently amended in order to reduce taxes on life insurance premiums from 5% to 2% during the review period.
- The rising popularity of unit linked life insurance products will drive the Philippine life insurance market over the forecast period.
- The newly imposed documentary stamp tax reduced the previous rate of premium taxes, which will enable the cost of life insurance for policyholders to reduce.
1 EXECUTIVE SUMMARY
2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 PHILIPPINES INSURANCE INDUSTRY ATTRACTIVENESS
3.1 Insurance Industry Size, 2007–2016
3.2 Key Industry Trends and Drivers
3.2.1 Business drivers
3.2.2 Consumer drivers
3.3 Recent Market Developments
4 LIFE INSURANCE MARKET OUTLOOK
4.1 Life Insurance Growth Prospects by Category
4.1.1 Individual life insurance category
4.1.2 Individual pension category
4.1.1 Individual endowment insurance category
4.1.2 Individual unit-linked sub-category
4.1.3 Individual term life insurance category
4.1.4 Individual others insurance category
4.1.5 Group life insurance category
4.2 Life Insurance Growth Prospects by Customer Segments
4.2.1 Individual segment
4.2.2 Individual single premium category
4.2.1 Individual non-single-premium policies
4.2.2 Group customer group
4.2.3 Group single-premium policies
4.2.4 Group non-single-premium policies
5 ANALYSIS BY DISTRIBUTION CHANNEL
5.1 Direct Marketing Channel
5.2 Bancassurance Channel
5.3 Agencies Channel
5.4 Other Distribution Channel
6 REGULATORY POLICIES
7 PORTER’S FIVE FORCES ANALYSIS – FILIPINO LIFE INSURANCE MARKET
7.1 Bargaining Power of Supplier: Medium
7.2 Bargaining Power of Buyer: Medium
7.3 Barriers to Entry: Low
7.4 Intensity of Rivalry: Medium to High
7.5 Threat of Substitutes: Low
8 REINSURANCE GROWTH DYNAMICS AND CHALLENGES
8.1 Reinsurance market size, 2007–2016
8.2 Reinsurance Market Size by Insurance Segment, 2007–2016
9 COMPETITIVE LANDSCAPE AND STRATEGIC INSIGHTS
9.1 Overview
9.2 Leading Companies in the Philippine Life Insurance Segment
9.3 The Philippine American Life and General Insurance Company – Company Overview
9.3.1 The Philippine American Life and General Insurance Company – key facts
9.3.2 The Philippine American Life and General Insurance Company – main products
9.3.3 The Philippine American Life and General Insurance Company – main competitors
9.3.4 The Philippine American Life and General Insurance Company – key employees
9.4 Sun Life Financial Philippines – Company Overview
9.4.1 Sun Life Financial Philippines – key facts
9.4.2 Sun Life Financial Philippines – main products
9.4.3 Sun Life Financial Philippines – main competitors
9.4.4 Sun Life Financial Philippines – key employees
9.5 Phil. Axa – Company Overview
9.5.1 Phil. Axa – key facts
9.5.2 Phil. Axa – main products
9.5.3 Phil. Axa – main competitors
9.5.4 Phil. Axa – key employees
9.6 Pru Life UK – Company Overview
9.6.1 Pru Life UK – key facts
9.6.2 Pru Life UK – main products
9.6.3 Pru Life UK – main competitors
9.6.4 Pru Life UK – key employees
9.7 Insular Life Philippines – Company Overview
9.7.1 Insular Life Philippines – key facts
9.7.2 Insular Life Philippines – main products
9.7.3 Insular Life Philippines – main competitors
9.7.4 Insular Life Philippines – key employees
9.8 BPI-Philam Life Assurance Corporation – Company Overview
9.8.1 BPI-Philam Life Assurance Corporation – key facts
9.8.2 BPI-Philam Life Assurance Corporation – main products
9.8.3 BPI-Philam Life Assurance Corporation – main competitors
9.8.4 BPI-Philam Life Assurance Corporation – key employees
9.9 Manulife Philippines – Company Overview
9.9.1 Manulife Philippines – key facts
9.9.2 Manulife Philippines – main products
9.9.3 Manulife Philippines – main competitors
9.9.4 Manulife Philippines – key employees
9.1 United Coconut Planters Life Assurance Corporation – Company Overview
9.10.1 United Coconut Planters Life Assurance Corporation – key facts
9.10.2 United Coconut Planters Life Assurance Corporation – main products and services
9.10.3 United Coconut Planters Life Assurance Corporation – main competitors
9.11 Generali Pilipinas – Company Overview
9.11.1 Generali Pilipinas – key facts
9.11.2 Generali Pilipinas – main products
9.11.3 Generali Pilipinas – main competitors
9.11.4 Generali Pilipinas – key employees
10 BUSINESS ENVIRONMENT AND COUNTRY RISK
10.1 Business Confidence
10.1.1 Business confidence index
10.1.2 Market capitalization trend – Philippine Stock Exchange
10.2 Economic Performance
10.2.1 GDP at constant prices (US dollars)
10.2.2 GDP per capita at constant prices (US dollars)
10.2.3 GDP at current prices (US dollars)
10.2.4 GDP per capita at current prices (US dollars)
10.2.5 GDP split by key segments
10.2.6 Agriculture net output at current prices (Philippine peso)
10.2.7 Agriculture net output at current prices (US dollars)
10.2.8 Agriculture net output at current prices as percentage of GDP
10.2.9 Manufacturing net output at current prices (Philippine peso)
10.2.10 Manufacturing net output at current prices (US dollars)
10.2.11 Manufacturing net output at current prices as percentage of GDP
10.2.12 Mining, manufacturing and utilities net output at current prices (Philippine peso)
10.2.13 Mining, manufacturing and utilities at current prices (US dollars)
10.2.14 Mining, manufacturing and utilities at current prices as percentage of GDP
10.2.15 Construction net output at current prices (Philippine peso)
10.2.16 Construction net output at current prices (US dollars)
10.2.17 Construction net output at current prices as a percentage of GDP
10.2.18 Inflation rate
10.2.19 Fiscal balance as a percentage of GDP
10.2.20 Current account balance as a percentage of GDP
10.2.21 Exports as a percentage of GDP
10.2.22 Imports as a percentage of GDP
10.2.23 Exports growth
10.2.24 Imports growth
10.2.25 Annual average exchange rate US$–PHP
10.2.26 End of the period exchange rate US$–PHP
10.3 Infrastructure Quality and Availability
10.3.1 Total airports and seaports
10.3.2 Railways and roadways
10.3.3 Passenger vehicle sales volume
10.3.4 Commercial vehicle sales volume
10.3.5 Automotive products exports trend
10.3.6 Automotive products imports trend
10.3.7 Passenger car penetration
10.3.8 Healthcare expenditure
10.3.9 Healthcare expenditure as percentage of GDP
10.3.10 Healthcare expenditure per capita
10.3.11 Total internet subscribers
10.4 Labor Force
10.4.1 Labor force
10.4.2 Unemployment rate
10.5 Demographics
10.5.1 Annual disposable income
10.5.2 Annual per capita disposable income
10.5.3 Total population
10.5.4 Urban and rural population
10.5.5 Female percentage of population
10.5.6 Male percentage of population
10.5.7 Mean age of population
10.5.8 Median age of population
10.5.9 Population density
10.5.10 Age distribution of the total population
10.5.11 Age distribution of the male population
10.5.12 Age distribution of the female population
10.5.13 Number of households
10.6 Political and Social Risk
10.6.1 Political stability
10.6.2 Terrorism index
10.6.3 Transparency index
11 APPENDIX
11.1 Methodology
11.2 Contact Us
11.3 About Timetric
11.4 Disclaimer
LIST OF TABLES
Table 1: Insurance Industry Definitions
Table 2: Philippine Insurance – Overall Written Premium by Insurance Segment (PHP Billion), 2007–2011
Table 3: Philippine Insurance – Overall Written Premium by Insurance Segment (US$ Billion), 2007–2011
Table 4: Philippine Insurance – Overall Written Premium by Insurance Segment (PHP Billion), 2011–2016
Table 5: Philippine Insurance – Overall Written Premium by Insurance Segment (US$ Billion), 2011–2016
Table 6: Philippine Insurance Segmentation (%), 2007–2016
Table 7: Life Insurance Written Premium by Category (PHP Billion), 2007–2011
Table 8: Life Insurance Written Premium by Category (US$ Billion), 2007–2011
Table 9: Life Insurance Written Premium by Category (PHP Billion), 2011–2016
Table 10: Life Insurance Written Premium by Category (US$ Billion), 2011–2016
Table 11: Life Insurance – Incurred Loss (PHP Billion), 2007–2011
Table 12: Life Insurance – Incurred Loss (PHP Billion), 2011–2016
Table 13: Life Insurance – Loss Ratio (%), 2007–2011
Table 14: Life Insurance – Loss Ratio (%), 2011–2016
Table 15: Life Insurance – Commissions and Expenses (PHP Billion), 2007–2011
Table 16: Life Insurance – Commissions and Expenses (PHP Billion), 2011–2016
Table 17: Life Insurance – Combined Ratio (%), 2007–2011
Table 18: Life Insurance – Combined Ratio (%), 2011–2016
Table 19: Life Insurance – Frauds and Crimes (PHP Billion), 2007–2011
Table 20: Life Insurance – Frauds and Crimes (PHP Billion), 2011–2016
Table 21: Life Insurance – Total Assets (PHP Billion), 2007–2011
Table 22: Life Insurance – Total Assets (PHP Billion), 2011–2016
Table 23: Life Insurance – Total Investment Income (PHP Billion), 2007–2011
Table 24: Life Insurance – Total Investment Income (PHP Billion), 2011–2016
Table 25: Life Insurance – Retentions (PHP Billion), 2007–2011
Table 26: Life Insurance – Retentions (PHP Billion), 2011–2016
Table 27: Individual Life Insurance Category by Volume (Thousand), 2007–2011
Table 28: Individual Life Insurance Category by Volume (Thousand), 2011–2016
Table 29: Individual Life Insurance Category by Written Premium (PHP Billion), 2007–2011
Table 30: Individual Life Insurance Category by Written Premium (PHP Billion), 2011–2016
Table 31: Individual Pension Insurance – Policies Sold (Thousand), 2007–2011
Table 32: Individual Pension Insurance – Policies Sold (Thousand), 2011–2016
Table 33: Individual Pension Insurance – Written Premium (PHP Billion), 2007–2011
Table 34: Individual Pension Insurance – Written Premium (PHP Billion), 2011–2016
Table 35: Individual Endowment Insurance – Policies Sold (Thousand), 2007–2011
Table 36: Individual Endowment Insurance – Policies Sold (Thousand), 2011–2016
Table 37: Individual Endowment Insurance – Written Premium (PHP Billion), 2007–2011
Table 38: Individual Endowment Insurance – Written Premium (PHP Billion), 2011–2016
Table 39: Individual Unit-Linked Insurance – Policies Sold (Thousand), 2007–2011
Table 40: Individual Unit-Linked Insurance – Policies Sold (Thousand), 2011–2016
Table 41: Individual Unit-Linked Insurance – Written Premium (PHP Billion), 2007–2011
Table 42: Individual Unit-Linked Insurance – Written Premium (PHP Billion), 2011–2016
Table 43: Individual Term Life Insurance – Policies Sold (Thousand), 2007–2011
Table 44: Individual Term Life Insurance – Policies Sold (Thousand), 2011–2016
Table 45: Individual Term Life Insurance – Written Premium (PHP Billion), 2007–2011
Table 46: Individual Term Life Insurance – Written Premium (PHP Billion), 2011–2016
Table 47: Individual Others Insurance – Policies Sold (Thousand), 2007–2011
Table 48: Individual Others Insurance – Policies Sold (Thousand), 2011–2016
Table 49: Individual Others Insurance – Written Premium (PHP Billion), 2007–2011
Table 50: Individual Others Insurance – Written Premium (PHP Billion), 2011–2016
Table 51: Group Life Insurance – Policies Sold (Thousand), 2007–2011
Table 52: Group Life Insurance – Policies Sold (Thousand), 2011–2016
Table 53: Group Life Insurance – Written Premium (PHP Billion), 2007–2011
Table 54: Group Life Insurance – Written Premium (PHP Billion), 2011–2016
Table 55: Individual Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Table 56: Individual Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Table 57: Individual Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Table 58: Individual Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Table 59: Individual Non-Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Table 60: Individual Non-Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Table 61: Individual Non-Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Table 62: Individual Non-Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Table 63: Group Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Table 64: Group Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Table 65: Group Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Table 66: Group Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Table 67: Group Non-Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Table 68: Group Non-Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Table 69: Group Non-Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Table 70: Group Non-Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Table 71: Life Insurance – Direct Marketing Commission Paid (PHP Billion), 2007–2011
Table 72: Life Insurance – Direct Marketing Commission Paid (PHP Billion), 2011–2016
Table 73: Life Insurance – Written Premium Through Direct Marketing (PHP Billion), 2007–2011
Table 74: Life Insurance – Written Premium Through Direct Marketing (PHP Billion), 2011–2016
Table 75: Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2007–2011
Table 76: Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2011–2016
Table 77: Life Insurance – Number of Direct Marketing Distributors, 2007–2011
Table 78: Life Insurance – Number of Direct Marketing Distributors, 2011–2016
Table 79: Life Insurance – Bancassurance Commission Paid (PHP Billion), 2007–2011
Table 80: Life Insurance – Bancassurance Commission Paid (PHP Billion), 2011–2016
Table 81: Life Insurance – Written Premium Through Bancassurance (PHP Billion), 2007–2011
Table 82: Life Insurance – Written Premium Through Bancassurance (PHP Billion), 2011–2016
Table 83: Life Insurance – Policies Sold Through Bancassurance (Thousand), 2007–2011
Table 84: Life Insurance – Policies Sold Through Bancassurance (Thousand), 2011–2016
Table 85: Life Insurance – Number of Bancassurance Distributors, 2007–2011
Table 86: Life Insurance – Number of Bancassurance Distributors, 2011–2016
Table 87: Life Insurance – Commission Paid to Agencies (PHP Billion), 2007–2011
Table 88: Life Insurance – Commission Paid to Agencies (PHP Billion), 2011–2016
Table 89: Life Insurance – Written Premium Through Agencies (PHP Billion), 2007–2011
Table 90: Life Insurance – Written Premium Through Agencies (PHP Billion), 2011–2016
Table 91: Life Insurance – Policies Sold Through Agencies (Thousand), 2007–2011
Table 92: Life Insurance – Policies Sold Through Agencies (Thousand), 2011–2016
Table 93: Life Insurance – Number of Agencies, 2007–2011
Table 94: Life Insurance – Number of Agencies, 2011–2016
Table 95: Life Insurance – Commission Paid to Other Channels (PHP Billion), 2007–2011
Table 96: Life Insurance – Commission Paid to Other Channels (PHP Billion), 2011–2016
Table 97: Life Insurance – Written Premium Through Other Channels (PHP Billion), 2007–2011
Table 98: Life Insurance – Written Premium Through Other Channels (PHP Billion), 2011–2016
Table 99: Life Insurance – Policies Sold Through Other Channels (Thousand), 2007–2011
Table 100: Life Insurance – Policies Sold Through Other Channels (Thousand), 2011–2016
Table 101: Life Insurance – Number of Distributors in Other Channels, 2007–2011
Table 102: Life Insurance – Number of Distributors in Other Channels, 2011–2016
Table 103: Philippine Reinsurance Market Size by Category (PHP Billion), 2007–2011
Table 104: Philippine Reinsurance Market Size by Category (US$ Billion), 2007–2011
Table 105: Philippine Reinsurance Market Size by Category (PHP Billion), 2011–2016
Table 106: Philippine Reinsurance Market Size by Category (US$ Billion), 2011–2016
Table 107: Philippine Reinsurance – Reinsurance Ceded by Insurance Segment (PHP Billion), 2007–2011
Table 108: Philippine Reinsurance – Reinsurance Ceded by Insurance Segment (US$ Billion), 2007–2011
Table 109: Philippine Reinsurance – Reinsurance Ceded by Insurance Segment (PHP Billion), 2011–2016
Table 110: Philippine Reinsurance – Reinsurance Ceded by Insurance Segment (US$ Billion), 2011–2016
Table 111: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 112: Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 113: Life Insurance Market Share of Key Companies (%), 2010
Table 114: The Philippine American Life and General Insurance Company, Key Facts
Table 115: The Philippine American Life and General Insurance Company, Main Products
Table 116: The Philippine American Life and General Insurance Company, Key Employees
Table 117: Sun Life Financial Philippines, Key Facts
Table 118: Sun Life Financial Philippines, Main Products
Table 119: Sun Life Financial Philippines, Key Employees
Table 120: Phil. Axa, Key Facts
Table 121: Phil. Axa, Main Products
Table 122: Phil. Axa, Key Employees
Table 123: Pru Life UK, Key Facts
Table 124: Pru Life UK, Main Products
Table 125: Pru Life UK, Key Employees
Table 126: Insular Life Philippines, Key Facts
Table 127: Insular Life Philippines, Main Products
Table 128: Insular Life Philippines, Key Employees
Table 129: BPI-Philam Life Assurance Corporation, Key Facts
Table 130: BPI-Philam Life Assurance Corporation, Main Products
Table 131: BPI-Philam Life Assurance Corporation, Key Employees
Table 132: Manulife Philippines, Key Facts
Table 133: Manulife Philippines, Main Products
Table 134: Manulife Philippines, Key Employees
Table 135: United Coconut Planters Life Assurance Corporation, Key Facts
Table 136: United Coconut Planters Life Assurance Corporation, Main Products and Services
Table 137: Generali Pilipinas, Key Facts
Table 138: Generali Pilipinas, Main Products
Table 139: Generali Pilipinas, Key Employees
LIST OF FIGURES
Figure 1: Philippine Insurance – Overall Written Premium by Insurance Segment (PHP Billion), 2007–2016
Figure 2: Philippine Insurance – Market Dynamics by Insurance Segment, 2007–2016
Figure 3: Life Insurance Written Premium by Category (PHP Billion), 2007–2016
Figure 4: Life Insurance Written Premium by Category (% Share), 2011 and 2016
Figure 5: Life Insurance Dynamics by Category, 2007–2016
Figure 6: Life Insurance – Incurred Loss (PHP Billion), 2007–2011
Figure 7: Life Insurance – Incurred Loss (PHP Billion), 2011–2016
Figure 8: Life Insurance – Loss Ratio (%), 2007–2011
Figure 9: Life Insurance – Loss Ratio (%), 2011–2016
Figure 10: Life Insurance – Commissions and Expenses (PHP Billion), 2007–2011
Figure 11: Life Insurance – Commissions and Expenses (PHP Billion), 2011–2016
Figure 12: Life Insurance – Combined Ratio (%), 2007–2011
Figure 13: Life Insurance – Combined Ratio (%), 2011–2016
Figure 14: Life Insurance – Frauds and Crimes (PHP Billion), 2007–2011
Figure 15: Life Insurance – Frauds and Crimes (PHP Billion), 2011–2016
Figure 16: Life Insurance – Total Assets (PHP Billion), 2007–2011
Figure 17: Life Insurance – Total Assets (PHP Billion), 2011–2016
Figure 18: Life Insurance – Total Investment Income (PHP Billion), 2007–2011
Figure 19: Life Insurance – Total Investment Income (PHP Billion), 2011–2016
Figure 20: Life Insurance – Retentions (PHP Billion), 2007–2011
Figure 21: Life Insurance – Retentions (PHP Billion), 2011–2016
Figure 22: Life Insurance – Investment by Type (PHP Billion), 2007–2011
Figure 23: Life Insurance – Investment by Type (% Share), 2007 and 2011
Figure 24: Life Insurance – Density and Penetration (%), 2007–2011
Figure 25: Life Insurance – Number of Policies Sold (Thousand), 2007–2011
Figure 26: Life Insurance – Number of Policies Sold (Thousand), 2011–2016
Figure 27: Life Insurance – Premium Per Capita (PHP), 2007–2011
Figure 28: Individual Life Insurance Category by Volume (Thousand), 2007–2011
Figure 29: Individual Life Insurance Category by Volume (Thousand), 2011–2016
Figure 30: Individual Life Insurance Category by Written Premium (PHP Billion), 2007–2011
Figure 31: Individual Life Insurance Category by Written Premium (PHP Billion), 2011–2016
Figure 32: Individual Pension Insurance – Policies Sold (Thousand), 2007–2011
Figure 33: Individual Pension Insurance – Policies Sold (Thousand), 2011–2016
Figure 34: Individual Pension Insurance – Written Premium (PHP Billion), 2007–2011
Figure 35: Individual Pension Insurance – Written Premium (PHP Billion), 2011–2016
Figure 36: Individual Endowment Insurance – Policies Sold (Thousand), 2007–2011
Figure 37: Individual Endowment Insurance – Policies Sold (Thousand), 2011–2016
Figure 38: Individual Endowment Insurance – Written Premium (PHP Billion), 2007–2011
Figure 39: Individual Endowment Insurance – Written Premium (PHP Billion), 2011–2016
Figure 40: Individual Unit-Linked Insurance – Policies Sold (Thousand), 2007–2011
Figure 41: Individual Unit-Linked Insurance – Policies Sold (Thousand), 2011–2016
Figure 42: Individual Unit-Linked Insurance – Written Premium (PHP Billion), 2007–2011
Figure 43: Individual Unit-Linked Insurance – Written Premium (PHP Billion), 2011–2016
Figure 44: Individual Term Life Insurance – Policies Sold (Thousand), 2007–2011
Figure 45: Individual Term Life Insurance – Policies Sold (Thousand), 2011–2016
Figure 46: Individual Term Life Insurance – Written Premium (PHP Billion), 2007–2011
Figure 47: Individual Term Life Insurance – Written Premium (PHP Billion), 2011–2016
Figure 48: Individual Others Insurance – Policies Sold (Thousand), 2007–2011
Figure 49: Individual Others Insurance – Policies Sold (Thousand), 2011–2016
Figure 50: Individual Others Insurance – Written Premium (PHP Billion), 2007–2011
Figure 51: Individual Others Insurance – Written Premium (PHP Billion), 2011–2016
Figure 52: Group Life Insurance – Policies Sold (Thousand), 2007–2011
Figure 53: Group Life Insurance – Policies Sold (Thousand), 2011–2016
Figure 54: Group Life Insurance – Written Premium (PHP Billion), 2007–2011
Figure 55: Group Life Insurance – Written Premium (PHP Billion), 2011–2016
Figure 56: Individual Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Figure 57: Individual Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Figure 58: Individual Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Figure 59: Individual Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Figure 60: Individual Non-Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Figure 61: Individual Non-Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Figure 62: Individual Non-Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Figure 63: Individual Non-Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Figure 64: Group Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Figure 65: Group Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Figure 66: Group Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Figure 67: Group Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Figure 68: Group Non-Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Figure 69: Group Non-Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Figure 70: Group Non Non-Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Figure 71: Group Non-Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Figure 72: Life Insurance New Business Written Premium by Distribution Channel (% Share), 2011 and 2016
Figure 73: Life Insurance – Direct Marketing Commission Paid (PHP Billion), 2007–2011
Figure 74: Life Insurance – Direct Marketing Commission Paid (PHP Billion), 2011–2016
Figure 75: Life Insurance – Written Premium Through Direct Marketing (PHP Billion), 2007–2011
Figure 76: Life Insurance – Written Premium Through Direct Marketing (PHP Billion), 2011–2016
Figure 77: Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2007–2011
Figure 78: Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2011–2016
Figure 79: Life Insurance – Number of Direct Marketing Distributors, 2007–2011
Figure 80: Life Insurance – Number of Direct Marketing Distributors, 2011–2016
Figure 81: Life Insurance – Bancassurance Commission Paid (PHP Billion), 2007–2011
Figure 82: Life Insurance – Bancassurance Commission Paid (PHP Billion), 2011–2016
Figure 83: Life Insurance – Written Premium Through Bancassurance (PHP Billion), 2007–2011
Figure 84: Life Insurance – Written Premium Through Bancassurance (PHP Billion), 2011–2016
Figure 85: Life Insurance – Policies Sold Through Bancassurance (Thousand), 2007–2011
Figure 86: Life Insurance – Policies Sold Through Bancassurance (Thousand), 2011–2016
Figure 87: Life Insurance – Number of Bancassurance Distributors, 2007–2011
Figure 88: Life Insurance – Number of Bancassurance Distributors, 2011–2016
Figure 89: Life Insurance – Commission Paid to Agencies (PHP Billion), 2007–2011
Figure 90: Life Insurance – Commission Paid to Agencies (PHP Billion), 2011–2016
Figure 91: Life Insurance – Written Premium Through Agencies (PHP Billion), 2007–2011
Figure 92: Life Insurance – Written Premium Through Agencies (PHP Billion), 2011–2016
Figure 93: Life Insurance – Policies Sold Through Agencies (Thousand), 2007–2011
Figure 94: Life Insurance – Policies Sold Through Agencies (Thousand), 2011–2016
Figure 95: Life Insurance – Number of Agencies, 2007–2011
Figure 96: Life Insurance – Number of Agencies, 2011–2016
Figure 97: Life Insurance – Commission Paid to Other Channels (PHP Billion), 2007–2011
Figure 98: Life Insurance – Commission Paid to Other Channels (PHP Billion), 2011–2016
Figure 99: Life Insurance – Written Premium Through Other Channels (PHP Billion), 2007–2011
Figure 100: Life Insurance – Written Premium Through Other Channels (PHP Billion), 2011–2016
Figure 101: Life Insurance – Policies Sold Through Other Channels (Thousand), 2007–2011
Figure 102: Life Insurance – Policies Sold Through Other Channels (Thousand), 2011–2016
Figure 103: Life Insurance – Number of Distributors in Other Channels, 2007–2011
Figure 104: Life Insurance – Number of Distributors in Other Channels, 2011–2016
Figure 105: Philippine Life Insurance: Five Forces Analysis
Figure 106: Philippine Reinsurance Market Size by Category (PHP Billion), 2007–2016
Figure 107: Philippine Reinsurance Market Size by Category (% Share), 2011 and 2016
Figure 108: Philippine Reinsurance Market Dynamics by Category, 2007–2016
Figure 109: Philippine Reinsurance – Reinsurance Ceded by Insurance Segment (PHP Billion), 2007–2016
Figure 110: Philippine Reinsurance – Market Dynamics by Insurance Segment, 2007–2016
Figure 111: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 112: Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 113: Life Insurance Market Share of Key Companies (%), 2010
Figure 114: Philippine Business Confidence Index, 2008–2011
Figure 115: Philippine Stock Exchange Market Capitalization (US$ Billion), 2007–2011
Figure 116: Philippine GDP at Constant Prices (US$ Billion), 2007–2016
Figure 117: Philippine GDP Per Capita at Constant Prices (US$ Billion), 2007–2016
Figure 118: Philippine GDP at Current Prices (US$ Billion), 2007–2016
Figure 119: Philippine GDP Per Capita at Current Prices (US$), 2007–2016
Figure 120: Philippine GDP Split by Key Segments (%) 2009 and 2011
Figure 121: Philippine Agriculture Net Output at Current Prices (PHP Billion), 2007–2016
Figure 122: Philippine Agriculture Net Output at Current Prices (US$ Billion), 2007–2016
Figure 123: Philippine Agriculture Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 124: Philippine Manufacturing Net Output at Current Prices (PHP Billion), 2007–2016
Figure 125: Philippine Manufacturing Net Output at Current Prices (US$ Billion), 2007–2016
Figure 126: Philippine Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 127: Philippine Mining, Manufacturing and Utilities Net Output at Current Prices (PHP Billion), 2007–2016
Figure 128: Philippine Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2016
Figure 129: Philippine Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 130: Philippine Construction Net Output at Current Prices (PHP Billion), 2007–2016
Figure 131: Philippine Construction Net Output at Current Prices (US$ Billion), 2007–2016
Figure 132: Philippine Construction Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 133: Philippine Inflation Rate (%), 2007–2016
Figure 134: Philippine Fiscal Balance as a Percentage of GDP (%), 2007–2011
Figure 135: Philippine Current Account Balance as a Percentage of GDP (%), 2007–2011
Figure 136: Philippine Exports as a Percentage of GDP (%), 2007–2016
Figure 137: Philippine Imports as a Percentage of GDP (%), 2007–2016
Figure 138: Philippine Exports Growth (%), 2007–2016
Figure 139: Philippine Imports Growth (%), 2007–2016
Figure 140: Philippine Annual Average Exchange Rate US$–PHP, 2007–2011
Figure 141: Philippine End of the Period Exchange Rate US$–PHP, 2007–2011
Figure 142: Philippine Airports and Seaports (Number of), 2011
Figure 143: Philippine Railways and Roadways (Kilometers), 2011
Figure 144: Philippine Passenger Vehicle Production (Thousand Units), 2007–2016
Figure 145: Philippines Commercial Vehicle Production (Thousand Units), 2007–2016
Figure 146: Philippine Automotive Products Exports (US$ Billion), 2007–2016
Figure 147: Philippine Automotive Components Imports (US$ Billion), 2007–2016
Figure 148: Philippine Passenger Car Penetration (per Thousand people), 2007–2016
Figure 149: Philippine Healthcare Expenditure (US$ Billion), 2007–2016
Figure 150: Philippine Healthcare Expenditure as a Percentage of GDP (%), 2007–2016
Figure 151: Philippine Per Capita Healthcare Expenditure (US$), 2007–2016
Figure 152: Philippine Internet Subscriptions (Millions), 2007–2016
Figure 153: Philippine Size of Labor Force in 15–59 Age Group (Million), 2007–2016
Figure 154: Philippine Unemployment Rate (%), 2007–2016
Figure 155: Philippine Annual Disposable Income (US$ Billion), 2007–2016
Figure 156: Philippine Annual Per Capita Disposable Income (US$), 2007–2016
Figure 157: Philippine Total Population (Million), 2007–2016
Figure 158: Philippine Urban and Rural Population (%), 2007–2016
Figure 159: Philippine Female as a Percentage of Population (%), 2007–2016
Figure 160: Philippine Male as Percentage of Population (%), 2007–2016
Figure 161: Philippine Mean Age of Population (Years), 2007–2016
Figure 162: Philippine Median Age of Population (Years), 2007–2016
Figure 163: Philippine Population Density (per Square Kilometer), 2007–2016
Figure 164: Philippine Population Distribution by Age (%), 2007–2016
Figure 165: Philippine Male Population Distribution by Age (%), 2007–2016
Figure 166: Philippine Female Population Distribution by Age (%), 2007–2016
Figure 167: Philippine Households, Number of (Million), 2007–2016
Figure 168: Global Terrorism Heat Map, 2011
Figure 169: Philippine Transparency Index, 2007–2011
COMPANIES MENTIONED
The Philippine American Life and General Insurance Company
Sun Life Financial Philippines
Phil. Axa
Pru Life UK
Insular Life Philippines
BPI-Philam Life Assuran
2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 PHILIPPINES INSURANCE INDUSTRY ATTRACTIVENESS
3.1 Insurance Industry Size, 2007–2016
3.2 Key Industry Trends and Drivers
3.2.1 Business drivers
3.2.2 Consumer drivers
3.3 Recent Market Developments
4 LIFE INSURANCE MARKET OUTLOOK
4.1 Life Insurance Growth Prospects by Category
4.1.1 Individual life insurance category
4.1.2 Individual pension category
4.1.1 Individual endowment insurance category
4.1.2 Individual unit-linked sub-category
4.1.3 Individual term life insurance category
4.1.4 Individual others insurance category
4.1.5 Group life insurance category
4.2 Life Insurance Growth Prospects by Customer Segments
4.2.1 Individual segment
4.2.2 Individual single premium category
4.2.1 Individual non-single-premium policies
4.2.2 Group customer group
4.2.3 Group single-premium policies
4.2.4 Group non-single-premium policies
5 ANALYSIS BY DISTRIBUTION CHANNEL
5.1 Direct Marketing Channel
5.2 Bancassurance Channel
5.3 Agencies Channel
5.4 Other Distribution Channel
6 REGULATORY POLICIES
7 PORTER’S FIVE FORCES ANALYSIS – FILIPINO LIFE INSURANCE MARKET
7.1 Bargaining Power of Supplier: Medium
7.2 Bargaining Power of Buyer: Medium
7.3 Barriers to Entry: Low
7.4 Intensity of Rivalry: Medium to High
7.5 Threat of Substitutes: Low
8 REINSURANCE GROWTH DYNAMICS AND CHALLENGES
8.1 Reinsurance market size, 2007–2016
8.2 Reinsurance Market Size by Insurance Segment, 2007–2016
9 COMPETITIVE LANDSCAPE AND STRATEGIC INSIGHTS
9.1 Overview
9.2 Leading Companies in the Philippine Life Insurance Segment
9.3 The Philippine American Life and General Insurance Company – Company Overview
9.3.1 The Philippine American Life and General Insurance Company – key facts
9.3.2 The Philippine American Life and General Insurance Company – main products
9.3.3 The Philippine American Life and General Insurance Company – main competitors
9.3.4 The Philippine American Life and General Insurance Company – key employees
9.4 Sun Life Financial Philippines – Company Overview
9.4.1 Sun Life Financial Philippines – key facts
9.4.2 Sun Life Financial Philippines – main products
9.4.3 Sun Life Financial Philippines – main competitors
9.4.4 Sun Life Financial Philippines – key employees
9.5 Phil. Axa – Company Overview
9.5.1 Phil. Axa – key facts
9.5.2 Phil. Axa – main products
9.5.3 Phil. Axa – main competitors
9.5.4 Phil. Axa – key employees
9.6 Pru Life UK – Company Overview
9.6.1 Pru Life UK – key facts
9.6.2 Pru Life UK – main products
9.6.3 Pru Life UK – main competitors
9.6.4 Pru Life UK – key employees
9.7 Insular Life Philippines – Company Overview
9.7.1 Insular Life Philippines – key facts
9.7.2 Insular Life Philippines – main products
9.7.3 Insular Life Philippines – main competitors
9.7.4 Insular Life Philippines – key employees
9.8 BPI-Philam Life Assurance Corporation – Company Overview
9.8.1 BPI-Philam Life Assurance Corporation – key facts
9.8.2 BPI-Philam Life Assurance Corporation – main products
9.8.3 BPI-Philam Life Assurance Corporation – main competitors
9.8.4 BPI-Philam Life Assurance Corporation – key employees
9.9 Manulife Philippines – Company Overview
9.9.1 Manulife Philippines – key facts
9.9.2 Manulife Philippines – main products
9.9.3 Manulife Philippines – main competitors
9.9.4 Manulife Philippines – key employees
9.1 United Coconut Planters Life Assurance Corporation – Company Overview
9.10.1 United Coconut Planters Life Assurance Corporation – key facts
9.10.2 United Coconut Planters Life Assurance Corporation – main products and services
9.10.3 United Coconut Planters Life Assurance Corporation – main competitors
9.11 Generali Pilipinas – Company Overview
9.11.1 Generali Pilipinas – key facts
9.11.2 Generali Pilipinas – main products
9.11.3 Generali Pilipinas – main competitors
9.11.4 Generali Pilipinas – key employees
10 BUSINESS ENVIRONMENT AND COUNTRY RISK
10.1 Business Confidence
10.1.1 Business confidence index
10.1.2 Market capitalization trend – Philippine Stock Exchange
10.2 Economic Performance
10.2.1 GDP at constant prices (US dollars)
10.2.2 GDP per capita at constant prices (US dollars)
10.2.3 GDP at current prices (US dollars)
10.2.4 GDP per capita at current prices (US dollars)
10.2.5 GDP split by key segments
10.2.6 Agriculture net output at current prices (Philippine peso)
10.2.7 Agriculture net output at current prices (US dollars)
10.2.8 Agriculture net output at current prices as percentage of GDP
10.2.9 Manufacturing net output at current prices (Philippine peso)
10.2.10 Manufacturing net output at current prices (US dollars)
10.2.11 Manufacturing net output at current prices as percentage of GDP
10.2.12 Mining, manufacturing and utilities net output at current prices (Philippine peso)
10.2.13 Mining, manufacturing and utilities at current prices (US dollars)
10.2.14 Mining, manufacturing and utilities at current prices as percentage of GDP
10.2.15 Construction net output at current prices (Philippine peso)
10.2.16 Construction net output at current prices (US dollars)
10.2.17 Construction net output at current prices as a percentage of GDP
10.2.18 Inflation rate
10.2.19 Fiscal balance as a percentage of GDP
10.2.20 Current account balance as a percentage of GDP
10.2.21 Exports as a percentage of GDP
10.2.22 Imports as a percentage of GDP
10.2.23 Exports growth
10.2.24 Imports growth
10.2.25 Annual average exchange rate US$–PHP
10.2.26 End of the period exchange rate US$–PHP
10.3 Infrastructure Quality and Availability
10.3.1 Total airports and seaports
10.3.2 Railways and roadways
10.3.3 Passenger vehicle sales volume
10.3.4 Commercial vehicle sales volume
10.3.5 Automotive products exports trend
10.3.6 Automotive products imports trend
10.3.7 Passenger car penetration
10.3.8 Healthcare expenditure
10.3.9 Healthcare expenditure as percentage of GDP
10.3.10 Healthcare expenditure per capita
10.3.11 Total internet subscribers
10.4 Labor Force
10.4.1 Labor force
10.4.2 Unemployment rate
10.5 Demographics
10.5.1 Annual disposable income
10.5.2 Annual per capita disposable income
10.5.3 Total population
10.5.4 Urban and rural population
10.5.5 Female percentage of population
10.5.6 Male percentage of population
10.5.7 Mean age of population
10.5.8 Median age of population
10.5.9 Population density
10.5.10 Age distribution of the total population
10.5.11 Age distribution of the male population
10.5.12 Age distribution of the female population
10.5.13 Number of households
10.6 Political and Social Risk
10.6.1 Political stability
10.6.2 Terrorism index
10.6.3 Transparency index
11 APPENDIX
11.1 Methodology
11.2 Contact Us
11.3 About Timetric
11.4 Disclaimer
LIST OF TABLES
Table 1: Insurance Industry Definitions
Table 2: Philippine Insurance – Overall Written Premium by Insurance Segment (PHP Billion), 2007–2011
Table 3: Philippine Insurance – Overall Written Premium by Insurance Segment (US$ Billion), 2007–2011
Table 4: Philippine Insurance – Overall Written Premium by Insurance Segment (PHP Billion), 2011–2016
Table 5: Philippine Insurance – Overall Written Premium by Insurance Segment (US$ Billion), 2011–2016
Table 6: Philippine Insurance Segmentation (%), 2007–2016
Table 7: Life Insurance Written Premium by Category (PHP Billion), 2007–2011
Table 8: Life Insurance Written Premium by Category (US$ Billion), 2007–2011
Table 9: Life Insurance Written Premium by Category (PHP Billion), 2011–2016
Table 10: Life Insurance Written Premium by Category (US$ Billion), 2011–2016
Table 11: Life Insurance – Incurred Loss (PHP Billion), 2007–2011
Table 12: Life Insurance – Incurred Loss (PHP Billion), 2011–2016
Table 13: Life Insurance – Loss Ratio (%), 2007–2011
Table 14: Life Insurance – Loss Ratio (%), 2011–2016
Table 15: Life Insurance – Commissions and Expenses (PHP Billion), 2007–2011
Table 16: Life Insurance – Commissions and Expenses (PHP Billion), 2011–2016
Table 17: Life Insurance – Combined Ratio (%), 2007–2011
Table 18: Life Insurance – Combined Ratio (%), 2011–2016
Table 19: Life Insurance – Frauds and Crimes (PHP Billion), 2007–2011
Table 20: Life Insurance – Frauds and Crimes (PHP Billion), 2011–2016
Table 21: Life Insurance – Total Assets (PHP Billion), 2007–2011
Table 22: Life Insurance – Total Assets (PHP Billion), 2011–2016
Table 23: Life Insurance – Total Investment Income (PHP Billion), 2007–2011
Table 24: Life Insurance – Total Investment Income (PHP Billion), 2011–2016
Table 25: Life Insurance – Retentions (PHP Billion), 2007–2011
Table 26: Life Insurance – Retentions (PHP Billion), 2011–2016
Table 27: Individual Life Insurance Category by Volume (Thousand), 2007–2011
Table 28: Individual Life Insurance Category by Volume (Thousand), 2011–2016
Table 29: Individual Life Insurance Category by Written Premium (PHP Billion), 2007–2011
Table 30: Individual Life Insurance Category by Written Premium (PHP Billion), 2011–2016
Table 31: Individual Pension Insurance – Policies Sold (Thousand), 2007–2011
Table 32: Individual Pension Insurance – Policies Sold (Thousand), 2011–2016
Table 33: Individual Pension Insurance – Written Premium (PHP Billion), 2007–2011
Table 34: Individual Pension Insurance – Written Premium (PHP Billion), 2011–2016
Table 35: Individual Endowment Insurance – Policies Sold (Thousand), 2007–2011
Table 36: Individual Endowment Insurance – Policies Sold (Thousand), 2011–2016
Table 37: Individual Endowment Insurance – Written Premium (PHP Billion), 2007–2011
Table 38: Individual Endowment Insurance – Written Premium (PHP Billion), 2011–2016
Table 39: Individual Unit-Linked Insurance – Policies Sold (Thousand), 2007–2011
Table 40: Individual Unit-Linked Insurance – Policies Sold (Thousand), 2011–2016
Table 41: Individual Unit-Linked Insurance – Written Premium (PHP Billion), 2007–2011
Table 42: Individual Unit-Linked Insurance – Written Premium (PHP Billion), 2011–2016
Table 43: Individual Term Life Insurance – Policies Sold (Thousand), 2007–2011
Table 44: Individual Term Life Insurance – Policies Sold (Thousand), 2011–2016
Table 45: Individual Term Life Insurance – Written Premium (PHP Billion), 2007–2011
Table 46: Individual Term Life Insurance – Written Premium (PHP Billion), 2011–2016
Table 47: Individual Others Insurance – Policies Sold (Thousand), 2007–2011
Table 48: Individual Others Insurance – Policies Sold (Thousand), 2011–2016
Table 49: Individual Others Insurance – Written Premium (PHP Billion), 2007–2011
Table 50: Individual Others Insurance – Written Premium (PHP Billion), 2011–2016
Table 51: Group Life Insurance – Policies Sold (Thousand), 2007–2011
Table 52: Group Life Insurance – Policies Sold (Thousand), 2011–2016
Table 53: Group Life Insurance – Written Premium (PHP Billion), 2007–2011
Table 54: Group Life Insurance – Written Premium (PHP Billion), 2011–2016
Table 55: Individual Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Table 56: Individual Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Table 57: Individual Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Table 58: Individual Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Table 59: Individual Non-Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Table 60: Individual Non-Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Table 61: Individual Non-Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Table 62: Individual Non-Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Table 63: Group Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Table 64: Group Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Table 65: Group Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Table 66: Group Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Table 67: Group Non-Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Table 68: Group Non-Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Table 69: Group Non-Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Table 70: Group Non-Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Table 71: Life Insurance – Direct Marketing Commission Paid (PHP Billion), 2007–2011
Table 72: Life Insurance – Direct Marketing Commission Paid (PHP Billion), 2011–2016
Table 73: Life Insurance – Written Premium Through Direct Marketing (PHP Billion), 2007–2011
Table 74: Life Insurance – Written Premium Through Direct Marketing (PHP Billion), 2011–2016
Table 75: Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2007–2011
Table 76: Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2011–2016
Table 77: Life Insurance – Number of Direct Marketing Distributors, 2007–2011
Table 78: Life Insurance – Number of Direct Marketing Distributors, 2011–2016
Table 79: Life Insurance – Bancassurance Commission Paid (PHP Billion), 2007–2011
Table 80: Life Insurance – Bancassurance Commission Paid (PHP Billion), 2011–2016
Table 81: Life Insurance – Written Premium Through Bancassurance (PHP Billion), 2007–2011
Table 82: Life Insurance – Written Premium Through Bancassurance (PHP Billion), 2011–2016
Table 83: Life Insurance – Policies Sold Through Bancassurance (Thousand), 2007–2011
Table 84: Life Insurance – Policies Sold Through Bancassurance (Thousand), 2011–2016
Table 85: Life Insurance – Number of Bancassurance Distributors, 2007–2011
Table 86: Life Insurance – Number of Bancassurance Distributors, 2011–2016
Table 87: Life Insurance – Commission Paid to Agencies (PHP Billion), 2007–2011
Table 88: Life Insurance – Commission Paid to Agencies (PHP Billion), 2011–2016
Table 89: Life Insurance – Written Premium Through Agencies (PHP Billion), 2007–2011
Table 90: Life Insurance – Written Premium Through Agencies (PHP Billion), 2011–2016
Table 91: Life Insurance – Policies Sold Through Agencies (Thousand), 2007–2011
Table 92: Life Insurance – Policies Sold Through Agencies (Thousand), 2011–2016
Table 93: Life Insurance – Number of Agencies, 2007–2011
Table 94: Life Insurance – Number of Agencies, 2011–2016
Table 95: Life Insurance – Commission Paid to Other Channels (PHP Billion), 2007–2011
Table 96: Life Insurance – Commission Paid to Other Channels (PHP Billion), 2011–2016
Table 97: Life Insurance – Written Premium Through Other Channels (PHP Billion), 2007–2011
Table 98: Life Insurance – Written Premium Through Other Channels (PHP Billion), 2011–2016
Table 99: Life Insurance – Policies Sold Through Other Channels (Thousand), 2007–2011
Table 100: Life Insurance – Policies Sold Through Other Channels (Thousand), 2011–2016
Table 101: Life Insurance – Number of Distributors in Other Channels, 2007–2011
Table 102: Life Insurance – Number of Distributors in Other Channels, 2011–2016
Table 103: Philippine Reinsurance Market Size by Category (PHP Billion), 2007–2011
Table 104: Philippine Reinsurance Market Size by Category (US$ Billion), 2007–2011
Table 105: Philippine Reinsurance Market Size by Category (PHP Billion), 2011–2016
Table 106: Philippine Reinsurance Market Size by Category (US$ Billion), 2011–2016
Table 107: Philippine Reinsurance – Reinsurance Ceded by Insurance Segment (PHP Billion), 2007–2011
Table 108: Philippine Reinsurance – Reinsurance Ceded by Insurance Segment (US$ Billion), 2007–2011
Table 109: Philippine Reinsurance – Reinsurance Ceded by Insurance Segment (PHP Billion), 2011–2016
Table 110: Philippine Reinsurance – Reinsurance Ceded by Insurance Segment (US$ Billion), 2011–2016
Table 111: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 112: Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 113: Life Insurance Market Share of Key Companies (%), 2010
Table 114: The Philippine American Life and General Insurance Company, Key Facts
Table 115: The Philippine American Life and General Insurance Company, Main Products
Table 116: The Philippine American Life and General Insurance Company, Key Employees
Table 117: Sun Life Financial Philippines, Key Facts
Table 118: Sun Life Financial Philippines, Main Products
Table 119: Sun Life Financial Philippines, Key Employees
Table 120: Phil. Axa, Key Facts
Table 121: Phil. Axa, Main Products
Table 122: Phil. Axa, Key Employees
Table 123: Pru Life UK, Key Facts
Table 124: Pru Life UK, Main Products
Table 125: Pru Life UK, Key Employees
Table 126: Insular Life Philippines, Key Facts
Table 127: Insular Life Philippines, Main Products
Table 128: Insular Life Philippines, Key Employees
Table 129: BPI-Philam Life Assurance Corporation, Key Facts
Table 130: BPI-Philam Life Assurance Corporation, Main Products
Table 131: BPI-Philam Life Assurance Corporation, Key Employees
Table 132: Manulife Philippines, Key Facts
Table 133: Manulife Philippines, Main Products
Table 134: Manulife Philippines, Key Employees
Table 135: United Coconut Planters Life Assurance Corporation, Key Facts
Table 136: United Coconut Planters Life Assurance Corporation, Main Products and Services
Table 137: Generali Pilipinas, Key Facts
Table 138: Generali Pilipinas, Main Products
Table 139: Generali Pilipinas, Key Employees
LIST OF FIGURES
Figure 1: Philippine Insurance – Overall Written Premium by Insurance Segment (PHP Billion), 2007–2016
Figure 2: Philippine Insurance – Market Dynamics by Insurance Segment, 2007–2016
Figure 3: Life Insurance Written Premium by Category (PHP Billion), 2007–2016
Figure 4: Life Insurance Written Premium by Category (% Share), 2011 and 2016
Figure 5: Life Insurance Dynamics by Category, 2007–2016
Figure 6: Life Insurance – Incurred Loss (PHP Billion), 2007–2011
Figure 7: Life Insurance – Incurred Loss (PHP Billion), 2011–2016
Figure 8: Life Insurance – Loss Ratio (%), 2007–2011
Figure 9: Life Insurance – Loss Ratio (%), 2011–2016
Figure 10: Life Insurance – Commissions and Expenses (PHP Billion), 2007–2011
Figure 11: Life Insurance – Commissions and Expenses (PHP Billion), 2011–2016
Figure 12: Life Insurance – Combined Ratio (%), 2007–2011
Figure 13: Life Insurance – Combined Ratio (%), 2011–2016
Figure 14: Life Insurance – Frauds and Crimes (PHP Billion), 2007–2011
Figure 15: Life Insurance – Frauds and Crimes (PHP Billion), 2011–2016
Figure 16: Life Insurance – Total Assets (PHP Billion), 2007–2011
Figure 17: Life Insurance – Total Assets (PHP Billion), 2011–2016
Figure 18: Life Insurance – Total Investment Income (PHP Billion), 2007–2011
Figure 19: Life Insurance – Total Investment Income (PHP Billion), 2011–2016
Figure 20: Life Insurance – Retentions (PHP Billion), 2007–2011
Figure 21: Life Insurance – Retentions (PHP Billion), 2011–2016
Figure 22: Life Insurance – Investment by Type (PHP Billion), 2007–2011
Figure 23: Life Insurance – Investment by Type (% Share), 2007 and 2011
Figure 24: Life Insurance – Density and Penetration (%), 2007–2011
Figure 25: Life Insurance – Number of Policies Sold (Thousand), 2007–2011
Figure 26: Life Insurance – Number of Policies Sold (Thousand), 2011–2016
Figure 27: Life Insurance – Premium Per Capita (PHP), 2007–2011
Figure 28: Individual Life Insurance Category by Volume (Thousand), 2007–2011
Figure 29: Individual Life Insurance Category by Volume (Thousand), 2011–2016
Figure 30: Individual Life Insurance Category by Written Premium (PHP Billion), 2007–2011
Figure 31: Individual Life Insurance Category by Written Premium (PHP Billion), 2011–2016
Figure 32: Individual Pension Insurance – Policies Sold (Thousand), 2007–2011
Figure 33: Individual Pension Insurance – Policies Sold (Thousand), 2011–2016
Figure 34: Individual Pension Insurance – Written Premium (PHP Billion), 2007–2011
Figure 35: Individual Pension Insurance – Written Premium (PHP Billion), 2011–2016
Figure 36: Individual Endowment Insurance – Policies Sold (Thousand), 2007–2011
Figure 37: Individual Endowment Insurance – Policies Sold (Thousand), 2011–2016
Figure 38: Individual Endowment Insurance – Written Premium (PHP Billion), 2007–2011
Figure 39: Individual Endowment Insurance – Written Premium (PHP Billion), 2011–2016
Figure 40: Individual Unit-Linked Insurance – Policies Sold (Thousand), 2007–2011
Figure 41: Individual Unit-Linked Insurance – Policies Sold (Thousand), 2011–2016
Figure 42: Individual Unit-Linked Insurance – Written Premium (PHP Billion), 2007–2011
Figure 43: Individual Unit-Linked Insurance – Written Premium (PHP Billion), 2011–2016
Figure 44: Individual Term Life Insurance – Policies Sold (Thousand), 2007–2011
Figure 45: Individual Term Life Insurance – Policies Sold (Thousand), 2011–2016
Figure 46: Individual Term Life Insurance – Written Premium (PHP Billion), 2007–2011
Figure 47: Individual Term Life Insurance – Written Premium (PHP Billion), 2011–2016
Figure 48: Individual Others Insurance – Policies Sold (Thousand), 2007–2011
Figure 49: Individual Others Insurance – Policies Sold (Thousand), 2011–2016
Figure 50: Individual Others Insurance – Written Premium (PHP Billion), 2007–2011
Figure 51: Individual Others Insurance – Written Premium (PHP Billion), 2011–2016
Figure 52: Group Life Insurance – Policies Sold (Thousand), 2007–2011
Figure 53: Group Life Insurance – Policies Sold (Thousand), 2011–2016
Figure 54: Group Life Insurance – Written Premium (PHP Billion), 2007–2011
Figure 55: Group Life Insurance – Written Premium (PHP Billion), 2011–2016
Figure 56: Individual Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Figure 57: Individual Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Figure 58: Individual Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Figure 59: Individual Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Figure 60: Individual Non-Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Figure 61: Individual Non-Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Figure 62: Individual Non-Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Figure 63: Individual Non-Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Figure 64: Group Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Figure 65: Group Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Figure 66: Group Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Figure 67: Group Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Figure 68: Group Non-Single-Premium Policies – Policies Sold (Thousand), 2007–2011
Figure 69: Group Non-Single-Premium Policies – Policies Sold (Thousand), 2011–2016
Figure 70: Group Non Non-Single-Premium Policies – Written Premium (PHP Billion), 2007–2011
Figure 71: Group Non-Single-Premium Policies – Written Premium (PHP Billion), 2011–2016
Figure 72: Life Insurance New Business Written Premium by Distribution Channel (% Share), 2011 and 2016
Figure 73: Life Insurance – Direct Marketing Commission Paid (PHP Billion), 2007–2011
Figure 74: Life Insurance – Direct Marketing Commission Paid (PHP Billion), 2011–2016
Figure 75: Life Insurance – Written Premium Through Direct Marketing (PHP Billion), 2007–2011
Figure 76: Life Insurance – Written Premium Through Direct Marketing (PHP Billion), 2011–2016
Figure 77: Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2007–2011
Figure 78: Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2011–2016
Figure 79: Life Insurance – Number of Direct Marketing Distributors, 2007–2011
Figure 80: Life Insurance – Number of Direct Marketing Distributors, 2011–2016
Figure 81: Life Insurance – Bancassurance Commission Paid (PHP Billion), 2007–2011
Figure 82: Life Insurance – Bancassurance Commission Paid (PHP Billion), 2011–2016
Figure 83: Life Insurance – Written Premium Through Bancassurance (PHP Billion), 2007–2011
Figure 84: Life Insurance – Written Premium Through Bancassurance (PHP Billion), 2011–2016
Figure 85: Life Insurance – Policies Sold Through Bancassurance (Thousand), 2007–2011
Figure 86: Life Insurance – Policies Sold Through Bancassurance (Thousand), 2011–2016
Figure 87: Life Insurance – Number of Bancassurance Distributors, 2007–2011
Figure 88: Life Insurance – Number of Bancassurance Distributors, 2011–2016
Figure 89: Life Insurance – Commission Paid to Agencies (PHP Billion), 2007–2011
Figure 90: Life Insurance – Commission Paid to Agencies (PHP Billion), 2011–2016
Figure 91: Life Insurance – Written Premium Through Agencies (PHP Billion), 2007–2011
Figure 92: Life Insurance – Written Premium Through Agencies (PHP Billion), 2011–2016
Figure 93: Life Insurance – Policies Sold Through Agencies (Thousand), 2007–2011
Figure 94: Life Insurance – Policies Sold Through Agencies (Thousand), 2011–2016
Figure 95: Life Insurance – Number of Agencies, 2007–2011
Figure 96: Life Insurance – Number of Agencies, 2011–2016
Figure 97: Life Insurance – Commission Paid to Other Channels (PHP Billion), 2007–2011
Figure 98: Life Insurance – Commission Paid to Other Channels (PHP Billion), 2011–2016
Figure 99: Life Insurance – Written Premium Through Other Channels (PHP Billion), 2007–2011
Figure 100: Life Insurance – Written Premium Through Other Channels (PHP Billion), 2011–2016
Figure 101: Life Insurance – Policies Sold Through Other Channels (Thousand), 2007–2011
Figure 102: Life Insurance – Policies Sold Through Other Channels (Thousand), 2011–2016
Figure 103: Life Insurance – Number of Distributors in Other Channels, 2007–2011
Figure 104: Life Insurance – Number of Distributors in Other Channels, 2011–2016
Figure 105: Philippine Life Insurance: Five Forces Analysis
Figure 106: Philippine Reinsurance Market Size by Category (PHP Billion), 2007–2016
Figure 107: Philippine Reinsurance Market Size by Category (% Share), 2011 and 2016
Figure 108: Philippine Reinsurance Market Dynamics by Category, 2007–2016
Figure 109: Philippine Reinsurance – Reinsurance Ceded by Insurance Segment (PHP Billion), 2007–2016
Figure 110: Philippine Reinsurance – Market Dynamics by Insurance Segment, 2007–2016
Figure 111: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 112: Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 113: Life Insurance Market Share of Key Companies (%), 2010
Figure 114: Philippine Business Confidence Index, 2008–2011
Figure 115: Philippine Stock Exchange Market Capitalization (US$ Billion), 2007–2011
Figure 116: Philippine GDP at Constant Prices (US$ Billion), 2007–2016
Figure 117: Philippine GDP Per Capita at Constant Prices (US$ Billion), 2007–2016
Figure 118: Philippine GDP at Current Prices (US$ Billion), 2007–2016
Figure 119: Philippine GDP Per Capita at Current Prices (US$), 2007–2016
Figure 120: Philippine GDP Split by Key Segments (%) 2009 and 2011
Figure 121: Philippine Agriculture Net Output at Current Prices (PHP Billion), 2007–2016
Figure 122: Philippine Agriculture Net Output at Current Prices (US$ Billion), 2007–2016
Figure 123: Philippine Agriculture Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 124: Philippine Manufacturing Net Output at Current Prices (PHP Billion), 2007–2016
Figure 125: Philippine Manufacturing Net Output at Current Prices (US$ Billion), 2007–2016
Figure 126: Philippine Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 127: Philippine Mining, Manufacturing and Utilities Net Output at Current Prices (PHP Billion), 2007–2016
Figure 128: Philippine Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2016
Figure 129: Philippine Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 130: Philippine Construction Net Output at Current Prices (PHP Billion), 2007–2016
Figure 131: Philippine Construction Net Output at Current Prices (US$ Billion), 2007–2016
Figure 132: Philippine Construction Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 133: Philippine Inflation Rate (%), 2007–2016
Figure 134: Philippine Fiscal Balance as a Percentage of GDP (%), 2007–2011
Figure 135: Philippine Current Account Balance as a Percentage of GDP (%), 2007–2011
Figure 136: Philippine Exports as a Percentage of GDP (%), 2007–2016
Figure 137: Philippine Imports as a Percentage of GDP (%), 2007–2016
Figure 138: Philippine Exports Growth (%), 2007–2016
Figure 139: Philippine Imports Growth (%), 2007–2016
Figure 140: Philippine Annual Average Exchange Rate US$–PHP, 2007–2011
Figure 141: Philippine End of the Period Exchange Rate US$–PHP, 2007–2011
Figure 142: Philippine Airports and Seaports (Number of), 2011
Figure 143: Philippine Railways and Roadways (Kilometers), 2011
Figure 144: Philippine Passenger Vehicle Production (Thousand Units), 2007–2016
Figure 145: Philippines Commercial Vehicle Production (Thousand Units), 2007–2016
Figure 146: Philippine Automotive Products Exports (US$ Billion), 2007–2016
Figure 147: Philippine Automotive Components Imports (US$ Billion), 2007–2016
Figure 148: Philippine Passenger Car Penetration (per Thousand people), 2007–2016
Figure 149: Philippine Healthcare Expenditure (US$ Billion), 2007–2016
Figure 150: Philippine Healthcare Expenditure as a Percentage of GDP (%), 2007–2016
Figure 151: Philippine Per Capita Healthcare Expenditure (US$), 2007–2016
Figure 152: Philippine Internet Subscriptions (Millions), 2007–2016
Figure 153: Philippine Size of Labor Force in 15–59 Age Group (Million), 2007–2016
Figure 154: Philippine Unemployment Rate (%), 2007–2016
Figure 155: Philippine Annual Disposable Income (US$ Billion), 2007–2016
Figure 156: Philippine Annual Per Capita Disposable Income (US$), 2007–2016
Figure 157: Philippine Total Population (Million), 2007–2016
Figure 158: Philippine Urban and Rural Population (%), 2007–2016
Figure 159: Philippine Female as a Percentage of Population (%), 2007–2016
Figure 160: Philippine Male as Percentage of Population (%), 2007–2016
Figure 161: Philippine Mean Age of Population (Years), 2007–2016
Figure 162: Philippine Median Age of Population (Years), 2007–2016
Figure 163: Philippine Population Density (per Square Kilometer), 2007–2016
Figure 164: Philippine Population Distribution by Age (%), 2007–2016
Figure 165: Philippine Male Population Distribution by Age (%), 2007–2016
Figure 166: Philippine Female Population Distribution by Age (%), 2007–2016
Figure 167: Philippine Households, Number of (Million), 2007–2016
Figure 168: Global Terrorism Heat Map, 2011
Figure 169: Philippine Transparency Index, 2007–2011
COMPANIES MENTIONED
The Philippine American Life and General Insurance Company
Sun Life Financial Philippines
Phil. Axa
Pru Life UK
Insular Life Philippines
BPI-Philam Life Assuran
