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MetLife's closest competitors, Consorcio Nacional and Penta however, shortened the gap with 22.3% and 40.4% increases, respectively. MetLife saw its market share of direct premiums drop to 12.5% from 13.2% in 2015.
Total direct life premiums in the country were up 11.8% last year.
Consorcio Nacional headed the net income ranking with 85bn pesos last year, up 135% on 2015, compared to 51bn pesos for second placed Metlife, which saw its bottom line shrink 23.8%.
Total net income increased 7.0% in the life insurance market in 2016.