Pru Life UK said it sustained its position as the leading life insurer in the Philippines, concluding the first quarter of 2024 with the highest new business annual premium equivalent (NBAPE), following its top ranking at the end of 2023.
The report from the Insurance Commission (IC) shows that Pru Life UK garnered P2.36 billion in NBAPE as of March 31, 2024. NBAPE serves as the universally accepted performance metric used to assess and compare sales performances of the life insurance industry in the Philippines.
By leveraging on a customer-centric approach and product innovation, together with the support of its over 37,000 digitally empowered agency force, Pru Life UK also led in total premium income from variable life insurance products, amounting to over P11.1 billion as of end-March.
Pru Life UK said it continues to diversify its innovative offerings with the launch of PRULove for Life, a limited-pay, whole-life participating plan for as low as P87 a day, and PRULove Wealth, a single premium product offering 4-percent guaranteed annual cash payout and up to 125-percent insurance coverage.
“We are proud to have sustained our position as the top life insurer in the Philippines for the first quarter of 2024 based on the IC’s NBAPE ranking. This achievement reflects our unwavering commitment to providing innovative financial solutions to Filipino families. It is a testament to our agility, resilience, and relentless focus to provide only what’s best for our customers,” said Pru Life UK president and chief executive Sanjay Chakrabarty.
Established in 1996, Pru Life UK is the pioneer of insuravest, or investment-linked life insurance products, in the Philippines and is one of the first life insurance companies approved to distribute US dollar-denominated investment-linked life insurance policies in the country.
Pru Life UK has expanded its reach to over 170 branches and general agency offices in the Philippines, with the largest life insurance agency force with more than 37,000 licensed agents.