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| Title | Financial Sustainability Index of Insurance Companies in the Philippines for 2017-2021 |
| Author | Capa, Erica Gwyneth ; Correos, Patricia Lilia ; Lor, Kissy ; Surposa, Cathy ; Villalon, Indence Mercy Mary |
| Year | 2023 |
| Abstract | The insurance industry was introduced to the public as a lifeline in times of need to reduce financial uncertainty and risks and make accidental losses manageable, allowing individuals to feel secure in every aspect of their lives. Due to the lack of a Sustainability Index for Life Insurance Companies in the Philippines, an effort was made to create a version of a sustainability index utilizing the Principal Component Analysis (PCA) tool to quantify the sustainability of the performance of the top ten life insurance companies in the country. This research investigated the sustainability in profitability in the Philippine insurance industry from 2017 to 2021 in the categories of Net Assets, Net Worth, New Business, and Profitability. The insurance industry's profitability was calculated using Return on Assets, expressed as net operating income / means average. The most financially sustainable were AIA Philippine American Life and General Insurance Company, Sun Life Financial, Inc, and Insular Life Assurance Company Limited; the least financially sustainable were BDO Life Assurance Company, Inc., Allianz PNB Life Insurance, Inc., and Manulife Chinabank Life Assurance. Components with the highest coefficient variation had a positive relationship with the desired index resulting in better financial sustainability for Philippine insurance companies. |
| Keywords | insurance industry, Sustainability Index, sustainability in profitability, Principal Component Analysis (PCA), Return on Assets approach, financially sustainable |
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