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List of Failed Pre-need Companies in the Philippines

September 13, 2013 by admin | 2 Comments | Filed in pre-need

Here’s an alphabetically-arranged list of failed pre-need companies in the Philippines:

1.     Abundance Providers and Entrepreneurs Corp. (APEC)
(formerly Pacific Plans)
2.     All Asia Plans
3.     Asian Diamond Plans
4.     Capitol Plans
5.     Celestial Memorial Life Plans
6.     Classic Plans
7.     College Assurance Plan (CAP)
8.     Comprehensive Annuity Plans & Pensions
9.     Danvil Plans
10.   Eduplan Phils.
11.   Excel Memorial Life Plans
12.   Familicare Plans
13.   Family Plans
14.   First Interstate Multiplex Pension Plans
15.   Garden of Memories Memorial Park & Chapel
16.   GEI Guaranteed
17.   Global Family Protection Plans Phils.
18.   Grayline Plans
19.   Group Developers
20.   Holy Life Plan
21.   Ideal Pension Plans Corporation
22.   Legacy Plans
23.   Metropolitan Life Plan
24.   Millennium Plans
25.   OCE Plans
26.   Pamana
27.   Pension & Retirement Plan
28.   Permanent Plans
29.   PET Plans
30.   Phil Asia Care Plans
31.    Platinum Plans
32.    Premiere Memorial Plans
33.    Primanila Plans
34.    Primeplan International
35.    Pryce Plans
36.    Prudentialife Plans
37.    Redeemer Life Plan
38.    Rhine Plans
39.    Samson Memorial Plan
40.    Savior Life Plan
41.    Scholarship Plan
42.    Special Plans
43.    Success Education
44.    Supreme Educational Plan
45.    TPG
46.    University Plans

Source:  insurance.gov.ph

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Top Life Insurance Companies, Premium Income 2012

July 14, 2013 by admin | No Comments | Filed in insurance, investments, life insurance

Here are the Top Life Insurance Companies in the Philippines, based on premium income in 2012. Source is the website of the Insurance Commission.

Life Insurance Company PREMIUM INCOME
in BILLION PESOS
1. Sun Life of Canada 20.059
2. Pru Life Insurance 15.595
3. Philam Life & Gen 15.291
4. Philippine AXA 12.277
5. BPI Philam Life 11.467
6. Insular Life 9.196
7. Manulife (Phils.) 7.485
8. Sunlife Grepa Financial 5.823
9. Manulife Chinabank Life 4.512
10. PNB Life 3.933
11. United Coconut Planters 2.910
12. Generali Pilipinas Life 2.890
13. Asian Life & General 1.329
14. Pioneer Life 1.237
15. Phil. Prudential 1.004
in MILLION PESOS
16. Fortune Life 935.512
17. Great Pacific Life 769.560
18. CLIMBS Life & General 751.056
19. Beneficial Life 662.809
20. Paramount Life & Gen. 616.414
21. Country Bankers Life 414.979
22. Philippine Life Financial       254.904
23. Cooperative Insurance 190.646
24. Manila Bankers 122.546
25. Philam Equitable 97.205
26. Philippines International 89.014
27. Banclife Insurance 80.197
28. Caritas Life 74.864
29. CAP Life 72.220
30. Sony Life 64.521
31. BF Life 47.245
32. United Life 36.691

Premium Income Data Was Based on Annual Statements Submitted to the Insurance Commission

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Pre-need Firm Grayline Plans Due for Liquidation

May 17, 2013 by admin | 8 Comments | Filed in insurance, pre-need

Liquidation notice for another failed pre-need company in the Philippines!  File your claims ASAP, on or BEFORE November 15, 2013.

Another stab at the hearts,  souls and tired bodies of hardworking Filipinos who missed better food and missed rest days just to be able to pay every month the premium of their pre-need plans.

The Insurance Commission put out a notice at a national newspaper this month of May 2013 regarding the liquidation of Grayline Plans.

Atty. Teresita L.  Caalim has been appointed liquidator effective June 1, 2012.

Planholders of Grayline Plans and other persons with claims against this pre-need company are notified to file their claims with the office of Atty. Teresita L.  Caalim ASAP,  on or before November 15, 2013,  in person,  or through mail or email.

Atty. Teresita L. Caalim
c/o Insurance Commission
1071 United Nations Avenue
Manila
Phone:  354-09-91

Email: attycaalim@yahoo.com
Atty. Caalim’s contact no.:  208-31-23

– Describe your claim, basis and amount
– Include or scan all supporting documents

Ito ang masaklap!  The notice also said:

Claims filed after November 15, 2013 will NOT and will NEVER BE  accepted.

So file your claims against Grayline Plans ASAP! 

Also, be realistic amount the amount that each planholder will be able to claim.   Bumagsak itong Grayline Plans, kaya konting assets na lang ang paghahatian ng maraming planholders at creditors.

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List of Non-Life Insurance Companies, Philippines

March 29, 2013 by admin | No Comments | Filed in insurance

Here are non-life insurance companies in the Philippines whose
licenses were renewed by the Insurance Commission for the period 2012-2013:

   A
AFP General Insurance Corp.
Alliedbankers Insurance Corp.
Alpha Insurance & Surety Co.
Asia Insurance Phils. Corp.
   (formerly Asia Traders Insurance Corp.)
   (not authorized to issue customs bonds)
Asia United Insurance Inc.
AsianLife and General Assurance Corp.
   (life and non-life)

   B
Bankers Assurance
   (Malayan Zurich)
BF General Insurance Co.
Blue Cross Insurance Inc.
BPI/MS Insurance Corp.

   C
CAP General Insurance Corp.
   (CAPGen Insurance Corp.)
Centennial Guarantee Assurance Corp.
   (not authorized to issue judicial bonds)
Charter Ping An
   (Philippine Charter Insurance Corp.)
Chartis Phils. Inc.
   (formerly AIU Insurance Philippines Co.)
Cibeles Insurance Corp.
CLIMBS Life & General Insurance
   (life and non-life)
Commonwealth Insurance Co.
Corporate Guarantee & Insurance Co.
Country Bankers Insurance Corp.

   E
Empire Insurance Co.

   F
Far Eastern Surety & Insurance Co.
Federal Phoenix Assurance Co.
FLT Prime Insurance Corp.
   (formerly First Lepanto-Taisho Insurance Corp.)
First Integrated Bonding & Insurance Co.
First Nationwide Assurance Corp.
Fortune General Insurance Corp.

   G
Generali Pilipinas Insurance Co.
Great Domestic Insurance Co. of the Phils.
   (not authorized to issue judicial bonds)

   I
Insurance Company of North America
Intra-Strata Assurance Corp.
Investors Assurance Corp.

   L
Liberty Insurance Corp.

   M
MAA General Assurance Phils. Inc.
Malayan Insurance Co.
Manila Insurance Co.
Manila Surety & Fidelity Co.
MAPFRE Insular Insurance Corp.
Mercantile Insurance Co.
Meridian Assurance Corp.
Metropolitan Insurance Co.
Milestone Guaranty & Insurance
   (not authorized to issue customs and judicial bonds)
Monarch Insurance Co.
   (not authorized to issue customs and judicial bonds)

   N
New India Assurance Co. Ltd.
Northwest Insurance & Surety Corp.

   O
Oriental Assurance Corp.

   P
Pacific Union Insurance Co.
   (not authorized to issue customs bonds)
Paramount Life & General Insurance Corp.
   (life and non-life)
People’s General Insurance Corp.
Perla Compania de Seguros Inc.
Petrogen Insurance Corp.
PGA Sompo Japan Insurance Inc.
   (PGA Yasuda)
Philippine American Life & General Insurance Co.
   (life and non-life)
Philippine British Assurance Co.
Philippine Fire & Marine Insurance Corp.
Philippine Phoenix Insurance & Surety Corp.
Philippines First Insurance Co.
Pioneer Asia Insurance Corp.
Pioneer Insurance & Surety Corp.
Pioneer Intercontinental Insurance Corp.
Plaridel Surety & Insurance Co.
PNB General Insurers Co.
Premier Insurance & Surety Corp.
Prudential Guarantee & Assurance Corp.

   Q
QBE Insurance Phils.

   R
R & B Insurance Corp.
Reliance Surety & Insurance Co.
Republic Surety & Insurance Co.

   S
Seaboard-Eastern Insurance Co.
Security Pacific Assurance Corp.
Solid Guaranty Inc.
Standard Insurance Co.
Sterling Insurance Co.
Stronghold Insurance Co.
Summit Guaranty Insurance Co.

   T
Travellers Insurance & Surety Corp.
   (not authorized to issue customs bonds)

   U
UCPB General Insurance Co.
United Insurance Co.
Utility Assurance Corp.

   V
Visayan Surety & Insurance Corp.

   W
Western Guaranty Corp.
   (not authorized to issue customs bonds)

Top Non-Life Insurance, Philippines, Assets Dec 2011
Ranking of Life Insurance Companies Philippines, Net Worth Dec 2011
Licensed Life Insurance Companies, Philippines, 2011-2012

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Top Non-Life Insurance Companies, Assets Dec 2011

March 29, 2013 by admin | 1 Comment | Filed in insurance

Here are the 21 non-life insurance companies in the Philippines that have surpassed the billion-dollar milestone in total assets as of December 2011, as published by the Insurance Commission on its website.

Insurance Company Assets in Billion Pesos
1.   Malayan Insurance Co. 14.422
2.   Pioneer Insurance & Surety Corp. 10.922
3.   Prudential Guarantee & Assurance Corp. 6.503
4.   BPI/MS Insurance Corp. 5.326
5.   Charter Ping An
(Philippine Charter Insurance Corp.) 4.689
6.   Chartis Phils. Inc. 3.659
7.   MAPFRE Insular Insurance Corp. 3.272
8.   PNB General Insurers Co. 3.260
9.   UCPB General Insurance Co. 3.099
10.   Federal Phoenix Assurance Co. 2.788
11.   Standard Insurance Co. 2.298
12.   Philippines First Insurance Co. 1.670
13.   Cibeles Insurance Corp. 1.641
14.   Asia Insurance Phils. Corp. 1.295
15.   Oriental Assurance Corp. 1.291
16.   MAA General Assurance Phils. Inc. 1.261
17.   Alliedbankers Insurance Corp. 1.197
18.   Paramount Life & General Insurance Corp.      1.176
19.   Insurance Company of North America 1. 140
20.   New India Assurance Co. Ltd. 1.115
21.   QBE Insurance Phils. 1.094

Non-life insurance includes the following:

Fire insurance
Motorcar insurance
Engineering insurance
Surety bonds
Performance bonds
Personal accident insurance
Marine cargo insurance
Personal liability insurance
Casualty insurance
Business Insurance
Home Protection insurance
Valuable Items Protection
Burglary and Housebreaking Insurance
Typhoon and Flood Insurance

National Reinsurance Corp. of the Phils. (NRCP) , the only domestic life and non-life reinsurance company in the Philippines, posted a total assets of 11.941 billion pesos as of December 2011.

The 3 principal stockholders of NRCP or PhilNaRe as of December 2012 are:
GSIS (25.73%)
MICO Equities Inc. (12.89%)
Bank of the Philippine Islands (13.69%)

The other top stockholders are FGU Insurance Corp., Malayan Insurance Co., Philippines First Insurance Co., Philippine American Life Insurance Co. and many insurance companies.

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Pre-Need Firms with Trust Funds Under Liquidation

March 16, 2013 by admin | No Comments | Filed in pre-need

These 11 pre-need firms (together with 5 others) were retained by the
Securities and Exchange Commission (SEC) in January 2010 when the
supervision of the pre-need industry was transferred to the Insurance
Commission.

They were retained for continuity purposes, as the SEC has already begun and
undertaken trust fund liquidation procedures for these 11 preneed companies before the transfer of pre-need supervision to the IC.

Following are updates on the 11 pre-need firms as of June 2012:

1.  Metropolitan Life Plan

Liquidator: SEC

Contact Person:
Ms. Dolores Confiado
Tel: 584-5324 / 584-5476

2.  Millennium Plans

Liquidator: Millennium Plans

Contact Person:
Ms. Joana Cristina Lagrosa
Unit 402 Fourth Floor 591 Fabricare Bldg.
Alabang-Zapote Road, Almanza Uno
Las Pinas City
Tel: 919-7920

3.  Legacy Consolidated Plans

Liquidator: SEC

Liquidation of trust funds by the SEC was stopped pending petition in the
Supreme Court questioning a Makati Regional Trial Court’s prohibition of the
SEC’s validation of pre-need planholder claims.

4.  Scholarship Plan Phils.

Liquidator: SEC
Mr. Manuel Baldeo Jr.
8th Floor, SEC Bldg., EDSA
Greenhills, Mandaluyong City
Tel: 584-5343

Landbank, trustee of SPPI, is waiting for the Supreme Court’s resolution of
a petition by the SEC.

Deadline for claims: April 13, 2012 (SEC is no longer accepting claims)

5.  All Asia Plans

Liquidator: SEC
Liquidator: SEC
Mr. Manuel Baldeo Jr.
8th Floor, SEC Bldg., EDSA
Greenhills, Mandaluyong City
Tel: 584-5343

Deadline for claims: April 13, 2012 (SEC is no longer accepting claims)

6.  Asian Diamond Plans

Liquidator: SEC
Commission Secretary Gerard Lukban
8th Floor, SEC Bldg., EDSA
Greenhills, Mandaluyong City
Tel: 584-8141 / 584-5478

Asian Diamond Contact Person:
Ms. Annalyn Padilla
Upper Ground Ten Globe Power 1
Pioneer St., Mandaluyong City
Tel: 719-0029

7.  Family Plans

Liquidator: SEC
Mr. Manuel Baldeo Jr.
8th Floor, SEC Bldg., EDSA
Greenhills, Mandaluyong City
Tel: 584-5343

8.  GEI Guaranteed Education

Liquidator: SEC
Commission Secretary Gerard Lukban
8th Floor, SEC Bldg., EDSA
Greenhills, Mandaluyong City
Tel: 584-8141 / 584-5478

9.  OCE Plans

Liquidator: SEC
Mr. Manuel Baldeo Jr.
8th Floor, SEC Bldg., EDSA
Greenhills, Mandaluyong City
Tel: 584-5343

10.  Success Education Guarantee System

Liquidator: SEC
Commission Secretary Gerard Lukban
8th Floor, SEC Bldg., EDSA
Greenhills, Mandaluyong City
Tel: 584-8141 / 584-5478

11.  University Plans

Liquidator: SEC
Commission Secretary Gerard Lukban
8th Floor, SEC Bldg., EDSA
Greenhills, Mandaluyong City
Tel: 584-8141 / 584-5478

Source:  Notice from the SEC titled “Status of Pre-Need Corporations Retained
with the Securities and Exchange Commission in View of Its Residual Power
Under Republic Act No. 9829, Otherwise Known as The Pre-Need Code of the
Philippines” (As of 11 June 2012)”

 Related article:

Pre-Need Companies Under Court Rehabilitation  (Firms Under IC Supervision)

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Ranking of Life Insurance Companies in the Philippines, by Net Worth Dec 2011

December 30, 2012 by admin | 1 Comment | Filed in investments, life insurance

Here’s a ranking of the 34 life insurance companies in the Philippines, based on Net Worth as of December 31, 2011, as published on the website of the Insurance Commission. Of these 34 companies, 13 companies each posted a net worth of more than one billion pesos as of December 2011. The other 21 posted less than one billion pesos in net worth.

Life Insurance Company           Assets in BILLION PESOS
as of Dec 2011
1.  Philam Life & Gen 25.913
2.  Insular Life 21.077
3.  Sun Life 9.656
4.  United Coconut Planters 7.268
5.  Manulife (Branch) 5.845
6.  Manulife (Phils.) 5.062
7.  Great Pacific Life 4.793
8.  Ayala Life-BPI Philam 2.609
9.  Philippine AXA 2.266
10.  Pru Life Insurance 1.687
11.  Sony Life 1.429
12.  Beneficial Life 1.094
13.  Manulife Chinabank Life 1.040
Life Insurance Company in MILLION PESOS
14.  Caritas Life 863.487
15.  AsianLife & Gen. 775.603
16.  Generali Pilipinas Life 695.913
17.  Pioneer Life 687.683
18.  Fortune Life 675.747
19.  Great Life Financial 634.715
20.  Philam Equitable 501.939
21.  United Life 482.
22.  PNB Life 473.622
23.  Phil. International 460.915
24.  Paramount Life & Gen. 434.325
25.  AsianLife Financial 406.180
26.  Country Bankers Life 366.765
27.  First Life Financial 247.360
28.  Phil. Prudential 234.959
29.  Manila Bankers 185.773
30.  Banc Life 161.806
31.  CAP Life 147.698
32.  Coop Life (CLIMBS) 140.245
33.  CISP 99.238
34.  BF Life 65.720

List of Life Insurance Companies in the Philippines, Licensed for the 2011-2012   period Top 10 Life Insurance Companies Philippines, by Assets Dec 2010

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Pre-Need Companies Under Court Rehabilitation as of March 2012

March 24, 2012 by admin | 4 Comments | Filed in pre-need

According to a report published by the Insurance Commission on its website, these are the 6 pre-need companies under court rehabilitation as of March 2012.

1.  Permanent Plans Inc. — Life, pension
Liquidation pending, RTC Makati, Branch 66

2.  College Assurance Plan Phils. Inc. — Education
Rehabilitation pending, RTC Makati, Branch 149

3.  Abundance Providers and Entrepreneurs Corp. — Education
Rehabilitation pending, RTC Makati, Branch 61
This firm APEC, formerly Pacific Plans Inc., is still operating as a pre-need firm licensed for the year 2012-2013 to sell life plans.

4.  PET Plans Inc. — Education, life, pension
Rehabilitation pending, RTC Makati, Branch 149

5.  Platinum Plans Phils. Inc. — Education, life, pension
Rehabilitation pending, RTC Makati, Branch 61

6.  TPG Corp.
Rehabilitation pending, RTC Makati, Branch 149
Note:  Ideal Pension Plans filed for insolvency or liquidation at the RTC Makati, Branch 66

Two pre-need companies have filed for liquidation or insolvency:  Ideal Pension Plans and Permanent Plans. But we wonder why Ideal Pension is included in the list of pre-need companies under conservatorship while Permanent Plans is included in the list of pre-need firms under court rehabilitation.

 

Pre-need Companies That Remain Under SEC Supervision as of March 2012

Pre-Need Companies Under Insurance Commission Conservatorship as of Feb 2012

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Top 10 Life Insurance Companies in the Philippines, by Assets Dec 2010

March 17, 2012 by admin | No Comments | Filed in life insurance

Here are the top 10 life insurance companies in the Philippines, based on total assets as of Dec 2010:

 

Rank  Life Insurance Company    Total Assets in Billion Pesos
1. Philam Life & Gen. 130.606
2. Sunlife 87.050
3. Insular Life 71.237
4. Phil. Axa 34.277
5. Manulife (Phils) 28.973
6. Pru Life 22.520
7. Ayala Life-BPI Philam 19.986
8. United Cocolife 16.607
9. Great Pacific Life 14.657
10. Generali Pilipinas Life 9.200

 

Despite the crisis suffered by its former parent company, American International Group (AIG), in 2008 that required AIG to sell some of its prized holdings, Philam Life continued to maintain its top ranking in the Philippine insurance industry. In 2009, Philam Life became part of the Hongkong-based Asia-Pacific life insurance organization AIA Group. As of December 2010, Philam Life is No. 1 in six major metrics:  Net Income, Assets, Premium Income, Capital, Net Worth and Investments.

Source of data: Insurance Commission of the Philippines

Ranking of 34 Life Insurance Firms in the Philippines, by Assets 2010

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Life Insurance Companies in the Philippines 2011-2012

October 15, 2011 by admin | 2 Comments | Filed in insurance, life insurance

The Insurance Commission has updated its list of licensed life insurance companies in the Philippines in November 2011 for the 2011 to 2012 license year.

Compared to the list as of December 2010, the November 2011 list has only one change —   Grepalife Financial, Inc. has become Sun Life Grepa Financial, Inc.  Sun Life of Canada (Philippines) acquired 49% of Grepalife in October 2011.

Following are the 34 Life Insurance Companies licensed by the Insurance Commission to sell life insurance policies for the year 2011 and 2012.

Four of the 34 firms offer both life and non-life insurance policies. These are:

1.    AsianLife and General Assurance Corporation
(name before 2003 was ATR Professional Life Assurance Corporation)
2.    CLIMBS Life & General Insurance Cooperative
3.    Paramount Life & General Insurance Corporation
4.    Philippine American Life and General Insurance Company

These 30 other firms offer only Life Insurance Policies:

1.    AsianLife Financial Assurance Corporation
(name before 2003 was All Asia Life Assurance Corporation)
2.    Banclife Insurance Company, Inc.
3.    Beneficial Life Insurance Company, Inc.
4.    BF Life Insurance Corporation
5.    BPI-Philam Life Assurance Corporation
(formerly Ayala Life Assurance, Inc.)
6.    CAP Life Insurance Corporation
7.    Caritas Life Insurance Corporation
8.    Cooperative Insurance System of the Philippines
9.    Country Bankers Life Insurance Corporation
10.   First Life Financial Company, Inc.
(name before 2007 was First Guarantee Life Assurance Co.)
11.   Fortune Life Insurance Company, Inc.
12.   Generali Pilipinas Life Assurance Company, Inc.
13.   Great Life Financial Assurance Corporation
(name before 2007 was Nippon Life Insurance Company of the Philippines)
14.   Insular Life Assurance Company, Ltd., The
15.   Manila Bankers Life Insurance Corporation
16.   Manufacturers Life Insurance Company (Phils.), Inc., The
17.   Manufacturers Life Insurance Company (Branch), The
18.   Manulife Chinabank Life Assurance Corporation
(formerly The Pramerica Life Insurance Co., Inc.)
19.   Philam Equitable Life Assurance Company, Inc.
20.   Philippine AXA Life Insurance Corporation
21.   Philippine Prudential Life Insurance Company, Inc.
22.   Philippines International Life Insurance Company, Inc.
23.   Pioneer Life Inc.
24.   PNB Life Insurance, Inc.
25.   Pru Life Insurance Corporation of U.K.
26.   Sony Life Insurance (Phils.) Corporation
27. Sun Life Grepa Financial, Inc. (formerly Grepalife Financial, Inc., which was formerly Great Pacific Life Assurance Corp.)
28.   Sun Life of Canada (Philippines), Inc.
29.   United Coconut Planters Life Assurance Corporation
30.   United Life Assurance Corporation

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