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Monthly Archives: March 2012

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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