BANKERS ASSURANCE CORPORATION (BAC) caters to the microinsurance and the overseas Filipino worker (OFW) markets – two of the country’s growth sectors – through innovative, cost-effective insurance products that are responsive to their needs.

Bankers Assurance Corporation is a subsidiary of the Malayan Group of Insurance Companies, the number one non-life insurance in the Philippines since 1970. As a member of the Malayan Group, the low-income sector has a dependable partner, backed by responsive products, excellent track record and strong capitalization to truly respond to their needs.


In September 6, 1955, Ambassador Alfonso T. Yuchengco established the Bankers Manufacturers Assurance Corporation (BMAC), the second (2nd) oldest company in the Malayan Group of Insurance Companies (MGIC), to take advantage of the Philippines’ economic prosperity after the Second World War.

In 1980, BMAC was reorganized as Malayan-Zurich Insurance Company, Inc. (MZIC) in 1980 resulting from a tie-up with Zurich Financial Services, Inc. (Switzerland). Zurich Financial Services Group, founded in 1872, is an insurance-based financial services provider with core business in General and Life Insurance.

Today, Malayan-Zurich is known as Bankers Assurance Corporation (BAC) after the exit of Zurich Financial Services from the Philippine market in 2006. However, BAC remains to be cooperative partner of now named Zurich Insurance Group, Ltd. As a cooperative partner, clients of Zurich Insurance Group, Ltd. may gain access to the facilities, infrastructure, and nationwide branch network of Bankers Assurance Corporation. With this cooperative partnership, BAC further solidified its market leadership by gaining access and obtaining business with multinational companies doing business in the Philippines.


Bankers Assurance Corporation (BAC) adheres to the basic principles of good corporate governance. Pursuant to the initiatives for the promotion of an integrated Capital Market, BAC participates in the ASEAN Corporate Governance Scorecard. This Scorecard follows the sequence and content of the Organisation for Economic Co-operation and Development (OECD) Principles of Corporate Governance.

Kindly click the links below to see BAC's corporate governance practices vis-à-vis the five chapters of the ASEAN CG Scorecard in line with the OECD framework:


Board of Directors

  • Antonio M. Rubin – Chairman
  • Joselito C. Bantayan – President
  • Alma P. Peñalosa
  • Edmundo L. Bunyi*
  • Herminia S. Jacinto*
  • Jose Martin A. Morente

*Independent Director


  • Antonio M. Rubin – Chairman
  • Joselito C. Bantayan – President
  • Frederick T. Pineda – Treasurer
  • Samuel V. Torres – Corporate Secretary
  • Jose Martin A. Morente – Assistant Corporate Secretary
  • Carlo Angelo B. Diaz – General Manager


The MALAYAN GROUP OF INSURANCE COMPANIES (MGIC) stands at the forefront of the non-life insurance industry - THE COUNTRY’S NUMBER ONE NON-LIFE INSURANCE COMPANY. It is proud of its achievements as much as it is proud of its contributions to the development of the Philippine non-life insurance industry and to the progress of the Filipino nation. Guided by its tradition of excellence and its vision of becoming synonymous to non-life insurance, it has become a towering symbol of Filipino entrepreneurship and dynamism.

Under the MGIC conglomerate are three distinct non-life insurance companies catering to specific market segments: Malayan Insurance Company (MICO), Bankers Assurance Corporation (BAC), and First Nationwide Assurance Corporation (FNAC).

Founded in 1930, MICO is considered the core company of the Malayan Group, having been established first. Originally capitalized at P147,000 and domiciled in Manila, Malayan has become a multi-billion peso corporation.

Established in 1955, BAC was then known as Bankers Manufacturers Assurance Corporation (BMAC) and later in 1980 as Malayan-Zurich Insurance Company (MZIC). Mandated to take advantage of the economic prosperity by promoting non-life insurance to specific market segments.

Instituted in 1965, FNAC provides value-added, convenient and innovative non-life insurance products to bank-clients of RCBC and RCBC Savings Bank.

As a conglomerate, MGIC offers its client and the public guaranteed peace of mind through service excellence, quality insurance protection, and the prompt processing and settlement of just and valid claims.

  • Ranked number 1 in non-life insurance in terms of Gross Premiums Written since 1970 by the Insurance Commission
  • Awarded as Best in Corporate Governance and Corporate Social Responsibility by the Philippine Insurers
    and Reinsurers Association for 2 consecutive years (2011, 2012) and Best in Sustainability (2013) 
  • Received favorable ratings from A.M. Best for 8 consecutive years
  • Net worth of 8.1 billion pesos in 2014, the highest in the industry
  • Malayan's 26.7 billion pesos in Assets (2014) is the largest in the industry
  • Extensive network of 34 branches and service offices nationwide and is a member of the Yuchengco Group
    of Companies (YGC)

Visit www.malayan.com for more information on Malayan Insurance Company (MICO) and www.fnac.com.ph for more information on First Nationwide Assurance Corporation (FNAC).


Bankers Assurance Corporation is a proud member of the Yuchengco Group of Companies (YGC) and adheres to the values and ideals set by it.

The YGC Vision

We are a customer–focused group of companies.

We provide integrated, world-class products and services, delivering superior value throughout the lives of our customers.

We are a dynamic and professional organization, continuously improving our competitive capabilities and fully responsive to the national interest and the needs of our stakeholders.

We work as a synergistic team and build express mutually rewarding partnerships to sustain our growth.

We stand behind our commitment: Integrity and Service Excellence, aimed at enhancing the quality of life of our people.

The Blue Hexagon Service Quality Code

We believe that customers are our reason for being. We listen to them and understand them. We offer them the best products and services.

We believe that to achieve this, we need to continuously improve ourselves. We have to be more sensitive to their needs and wants.

We believe that teamwork will deliver this commitment. We value and help each other and the communities we serve.

We are YGC. This is our future. This is our battlecry: YGC = Excellence.

The Yuchengco Group of Companies Core Values

Service Excellence

Everyone in the YGC companies know that their business is all about service excellence. Service excellence translates into acting with client’s needs in mind. Through the different service provided by the various companies of YGC, the high standard performance is demonstrated and maintained for the past 70 years.


Discipline coupled with dedication to one’s work results in the highest levels of professionalism which puts a premium on a job well done. YGC makes no compromises in its quest to discover new innovations to improve the lives of their clients. They are models of professional commitment, transparency, and openness to improvement demanded by the values of YGC.

Forward Thinking

It is important to look ahead into the future, preparing for whatever lies ahead. YGC believes that businesses must be forward thinking, decisive, creating strategies to meet tomorrow’s challenges. For many years now, YGC has pioneered in integral financial services – meeting client’s needs from cradle to tomb. Through the advance thinking of the YGC, loyal customers enjoy and avail the full range of the Group’s variety of services at their convenience.


YGC believes that people working together instead of against each other makes everyone a winner. Everyone, including large conglomerates, must be accountable for the welfare of their neighbors. YGC recognizes people who made social accountability a way of life, not only among their ranks but also in the general populace.

Sense of Urgency

YGC knows that clients want their needs to be given full attention and top priority. All its companies believe in the timely accomplishment of tasks and treats every customer’s case with a sense of urgency.


It takes teamwork to make things work at YGC. Teambuilding is taken very seriously. Officers and staff are expertly-trained so that all efforts are harmonious and unified. For teamwork is truly the strength of synergy. Synergy is the strength of YGC. All the group’s personnel are dedicated to working for the advancement of YGC, customer welfare and the common good.

Visit ygc.com for more information on the Yuchengco Group of Companies (YGC).


Please send your resumes to:

The Human Resources Department
Bankers Assurance Corporation
6th Floor, Yuchengco Bldg.,
500 Quintin Paredes St., Binondo, Manila
Email: bac@bankersassurance.com.ph / jobs@malayan.com
Call: (02) 628-8650 or 51