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As corporate citizens, the various insurance companies in the country have become more responsible, with some more than the others, Insurance Commissioner Dennis Funa said in announcing the results of the latest ASEAN Corporate Governance Scorecard (ACGS).
“Based on the 2018 (ACGS) report, the insurance industry recorded an average score of 41.34 points. This is a 1.61-point increase from the 2017 result,” Funa said.
“This shows that there is continuous improvement in the performance of the life insurance, non-life insurance and mutual benefit association (MBA) sectors since the adoption of the ACGS in 2015. For four years, the insurance industry showed an average increase of 2.28 points,” he added.
Pru Life UK posted the highest score among the 116 insurers assessed, with a score of 105.19 points. This was followed by Insular Life Assurance Co. Ltd., with 104.53 points.
According to the AGCS, the life insurance sector continues to perform better than other sectors, with a score averaging 59.68 points while non-life and the MBA sectors averaged 33.57 and 40.28 points, respectively.
“The top five life insurance companies with governance scores ranging from 105.19 points to 86.92 points are: Pru Life Insurance Corp. of UK, Insular Life Assurance Co. Ltd., FWD Life Insurance Co., Sun Life of Canada (Philippines) Inc. and Philippine American Life & General Insurance Co.,” the IC said.
“The top five non-life insurance companies with governance scores ranging from 82.07 points to 59.29 points are: Pacific Cross Insurance Inc., National Reinsurance Corporation of the Philippines, MAA General Assurance Philippines Inc., BPI/MS Insurance Corp. and Pacific Union Insurance Co.,” it added.
Moreover, the top four MBA companies with scores ranging from 80.60 points to 71.60 points are: CARD Mutual Benefit Association, Praxis Fides Mutual Benefit Association, Kasagana-Ka MBAI, and Knights of Columbus Fraternal Association.
News Source: Tribune