Malayan Insurance Company, Inc. has secured its position as a leader in the non-life insurance industry in the Philippines. According to industry figures released by the Insurance Commission (IC), Malayan Insurance is ranked as the number one non-life insurer in terms of gross premiums written (GPW) and net premiums written (NPW) in 2016 over 68 other insurers in the country. The rankings are based on the annual reports and financial statements submitted by non-life and general insurance companies operating in the Philippines.
In 2016, Malayan Insurance produced GPW amounting to P9.05 billion, about 8% higher than in 2015. With a significant lead over the next insurer, Malayan Insurance has been the dominant non-life insurer of Philippine businesses and families for 47 years. The company also produced a total of about P4.2 billion in NPW in 2016. This marks a year-on-year gain of P0.78 billion or 23% compared to P3.42 billion in 2015.
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.
Malayan Insurance has been introducing new products and services into the Philippine non-life insurance market, with the launch of its Cyber Insurance product, its auto.malayan.com portal, and its Fine Arts Insurance cover. The company has also been an active participant in the YGC Earthcare program, which seeks to regreen the forests of Tanay, Rizal, as well as the YGC-Buhay Rizal program in coordination with various local governments and public high schools.
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 2016 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.
Written by Czarina Engracia and Maricris Orpiano