Pru Life UK
ranks number one in the life insurance industry in the Philippines, garnering
the highest New Business Annual Premium Equivalent (NBAPE) as reflected in the
recently released Insurance Commission (IC) report as of 31 December 2023.
The report
shows that Pru Life UK achieved an impressive NBAPE of Php 10.54 billion for
2023 representing 11% growth. The company broadened the gap with the closest
competitor by a margin of Php 472 million. NBAPE serves as the universally
accepted performance metric used to assess sales performances of the life
insurance industry in the Philippines.
Owing to
the company's innovative offerings, Pru Life UK also leads in total premium
income from variable life insurance products, amounting to over Php 45.7
billion as of 31 December 2023.
With over
42,000 digitally empowered agents and 1.7 million lives assured, Pru Life UK
strengthens its market leadership reflecting the company’s unwavering
commitment to being the most trusted partner and protector of many Filipino
families.
More than
numbers, Pru Life UK also attributes its industry success to good corporate
governance which guides the business to lead with transparency and integrity. A
Golden Arrows
awardee for five (5) consecutive years since 2018, Pru Life UK has cemented
itself as a beacon of responsible business practices in the Philippines.
"It is with great pride and honor that we achieved
the country’s number one life insurer position in 2023, " said Francis
Ortega, Executive Vice President and Chief Financial Officer of Pru Life UK. "We express our heartfelt appreciation to our
customers, partners, employees, and agency force for their collective efforts
that have driven us to achieve this significant milestone. Our purpose,
"For Every Life, For Every Future," guides us in providing innovative
and accessible solutions to every Filipino. We aim to be the most trusted
partner and protector for this generation and generations to come by providing
simple and accessible financial and health solutions.”
The consistent growth of Pru Life UK is
aligned with that of its parent company, Prudential plc, which recorded a 45%
increase in new business profit to USD 3.1 billion as of 31 December 2023.
As it
further strengthens its commitment to providing financial solutions addressing the
evolving needs of Filipinos, the company recently launched PRULove Wealth, a single
premium product designed to provide Filipinos life insurance coverage while
also allowing them to earn returns with rates comparable with those from
high-yielding time deposits. The plan uniquely offers 4% guaranteed annual cash
payout, 100% cashback, and up to 125% insurance coverage.*
*Product terms & conditions including on
cash back apply. Limited time offer and subject to availability.
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