Pru Life UK said maintained its leading position as the Philippines’ insurance provider with a strong second-quarter performance.
The company said it achieved the highest new business annual premium equivalent (NBAPE) and ranked first in total premium income from variable life insurance products, replicating its success from the first quarter.
The Insurance Commission (IC) reported that Pru Life UK achieved a total NBAPE of P4.8 billion and a total premium income from variable life insurance products of P22.5 billion as of 30 June 2024.
This underscores Pru Life UK’s market leadership and commitment to offering innovative, customer-focused insurance solutions.
NBAPE is the key performance metric for evaluating sales in the Philippine life insurance industry, providing essential insights for insurers, investors and regulators.
“We are delighted to maintain our position as the number one life insurer in the Philippines, reflecting our dedication to delivering quality insurance protection to our customers. Our continued success in achieving the highest NBAPE in the second quarter reaffirms our commitment to innovation, customer trust, and building a financially resilient society,” said Pru Life UK chief finance officer Francis Ortega.
Pru Life UK said it remains steadfast in empowering more than 1.8 million Filipinos to achieve their financial goals and secure their futures through its over 38,000 agency force.
Through investments in digital technology and financial literacy initiatives, Pru Life UK is driving the development of a more financially resilient society while adapting to its customers’ evolving needs.
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.
Since its establishment, 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 38,000 licensed agents.
