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Malayan Insurance tops Philippine non-life ranking for 48th straight year

by ecommerce | Nov 07, 2018

 

Malayan Insurance Company, Inc. has once again secured its position as the leader in the Philippine non-life insurance industry, based on 2017 data from the Insurance Commission (IC).


According to industry figures released by the Insurance Commission, Malayan Insurance is ranked as the number one non-life insurer in terms of Gross Premiums Written (GPW) and Assets.


The rankings are based on the annual reports and financial statements submitted by non-life and general insurance companies operating in the Philippines.


In 2017, Malayan Insurance produced GPW amounting to P9.60 billion, 6% higher than in 2016. With a significant lead over the next insurer, Malayan Insurance has been the dominant non-life insurer of Philippine businesses and families for 48 years.


The company also registered a total of P38.81 billion in assets in 2017. This marks a year-on-year gain of P19.76 billion or 103.73% compared to P19.05 billion in 2016.


Malayan Insurance has been introducing new products and services into the Philippine non-life insurance market, with the launch this year of its Travelite budget travel insurance, and Motomax motorcycle insurance, an affordable total loss only cover for the growing motorcycle market.


Malayan Insurance is the only Philippine non-life insurance company rated by AM Best, a global rating authority for the insurance industry. The company retained its title of Most Stable Non-life Insurer in 2018 from AM Best. It affirmed the rating of Malayan Insurance with Financial Strength Rating: B++ (Good), Insurer Credit Rating bbb+, and Outlook for both – Stable.


Founded in 1930, Malayan Insurance is a member of the Yuchengco Group of Companies (YGC). YGC is one of the largest conglomerates in the Philippines, with core businesses in financial services, banking, investments, construction, education, energy, and information technology.