Malayan Insurance leads Philippine non-life insurance in Gross Premiums Written
In the latest release of insurance industry unaudited figures, Insurance Commissioner Dennis Funa said that Malayan Insurance Co., Inc. was in first place for the Philippine non-life insurance industry, based on Gross Premiums Written, for Year 2020.
Malayan Insurance’s number one ranking was based on the compilation of quarterly reports on selected financial statistics of the insurance industry, submitted by companies to the Insurance Commission.
Based on a compilation of unaudited reports submitted for year 2020, Malayan Insurance’s gross premiums written amounted to P14.21 Billion, the highest in the industry, despite the effects of the COVID-19 pandemic on the economy. Malayan’s net premiums written were at Php4.08 billion, putting it among the top non-life insurers in the country.
“Gross premiums written (GPW) are computed by taking the sum of an insurance company’s premiums from direct business and assumed premiums before the effect of ceded reinsurance,” IC Commissioner Dennis Funa earlier explained. GPW reflects the total business written by the insurance company, “while net premiums written (NPW) are obtained by subtracting a non-life insurance company’s reinsurance cessation from GPW,” said Funa.
With many of the largest Philippine companies placing their non-life insurance with Malayan Insurance during the pandemic, the company has secured reinsurance support to be able to meet the requirements of Philippine business.
Official and audited insurance industry figures are released in the Insurance Commission website, middle of the year.
Malayan Insurance has been the dominant non-life insurer of Philippine businesses and families for over 50 years. Malayan Insurance is rated by AM Best, a global rating authority for the insurance industry, with Financial Strength Rating (FSR): B++ (Good), and Long-Term Issuer Credit Rating (Long-Term ICR): bbb+, providing the Philippine insuring public with world-class insurance protection.
Malayan Insurance, founded in 1930, is a member of the Yuchengco Group of Companies (YGC), one of the largest conglomerates in the Philippines, with core businesses in financial services, banking, investments, construction, education, energy, and information technology.