PRU Life UK solidified its position as one of the fastest-growing insurance firms in the Philippines as it ranked first in total renewal premium income from variable life insurance products and second in new business annual premium equivalent in 2022.
A disclosure by the Insurance Commission on Thursday showed that Pru Life UK achieved a total NBAPE of P9.46 billion last year, a 7-percent growth from P8.83 billion in 2021.
“We remain grateful for the opportunities that allow us to be among the top-performing companies in the industry,” Pru Life UK president and chief executive Eng Teng Wong said.
“It has been possible with the continued trust of our over a million customers and the dedication of our employees and 39,000-strong agency force who believe in our purpose of helping many more Filipino families get the most out of life,” Wong said.
The country’s overall life insurance industry grew by 5.8 percent to P55 billion in 2022 from P52 billion in 2021 in NBAPE, a global standard measuring tool used to determine the sales performance of the life insurance industry in the Philippines, based on the IC report.
Having the largest agency force in the industry, Pru Life UK has been committed to providing innovative and customer-centric insurance products to its customers to help them achieve a healthier and wealthier lifestyle.
The company launched last year PRUHealth FamLove—a first-of-its-kind critical illness protection product accessible to all Filipino families of different types and sizes, including same-sex or common-law partners, parents and adoptive families.
Pru Life UK was also conferred the International Life Insurer of the Year for the Philippines for two straight years in 2020 and 2021.
The consistent growth of Pru Life UK is aligned with its parent company, Prudential plc which recorded a 9-percent growth in annual premium equivalent amounting to $4.40 billion in 2022.
Prudential has leading market positions in many of its key markets in Asia and Africa.