Pru Life UK continues to lead the Philippine life insurance industry in the third quarter of 2024 garnering the highest New Business Annual Premium Equivalent (NBAPE) and ranking first in the Total Premium Income from variable life insurance products, continuing its feat as of the third quarter.
The Insurance Commission (IC) reported that Pru Life UK achieved a total NBAPE of Php 6.9B and a Total Premium Income from variable life insurance products of Php 33.9B as of 30 September 20241. This strong market presence and sustained industry leadership highlights the company’s persistent commitment to providing innovative, customer-focused insurance solutions.
The NBAPE serves as the universally accepted performance metric for evaluating sales within the life insurance industry in the Philippines, making it essential for stakeholders including insurance companies, investors, and regulators, as well as offering valuable insights into the industry’s health and growth trajectory.
“As we continue to lead the industry, we strengthen our commitment as the most trusted partner and protector of Filipino families. This is a fitting achievement as we celebrate 28 years of serving our customers with integrity and dedication,” says Pru Life UK Chief Finance Officer Francis Ortega.
To reinforce the company’s long-term commitment to the Philippine market, Pru Life UK was recently granted by IC the country’s first Takaful (Islamic insurance) license. Filling in the long-standing gap for Shari’ah-compliant insurance, this breakthrough is set to advance financial inclusion especially for the over seven million Muslim Filipinos and support the government’s efforts to promote and develop Islamic finance. (See full story here.)
Furthermore, Pru Life UK also introduced its latest investment-linked insurance product, PRUMillion Flex. This is a limited-time offer allowing customers to pay premiums over just two years through various payment modes, giving them flexibility to manage their finances more effectively.
Pru Life UK continues to solidify its reputation as a trusted insurance provider for more than 1.9 million Filipinos through its over 39,000 digitally empowered advisors, innovative products, and tech-focused approach to enhancing customer experiences and promoting financial literacy.
Looking ahead, Pru Life UK remains steadfast in supporting Filipinos in achieving their financial goals and securing their futures. By investing in digital technologies to enhance accessibility and prioritizing financial literacy programs, Pru Life UK continues to contribute to the development of a more financially resilient society while staying attuned to the evolving needs of its customers.