Pru Life UK said Tuesday it led the Philippine life insurance industry, achieving the highest new business annual premium equivalent (NBAPE) of P9.8 billion in 2024, according to the latest Insurance Commission report.
The company said it maintained its strength with 33-percent quarter-on -quarter growth in the fourth quarter of 2024, widening the gap to 8.87 percentage points compared with its nearest competitor.
Pru Life UK also reported strengths in premium income from variable life insurance with a total of P46.1 billion and renewal premium income from variable life insurance reaching P36.2 billion.
This demonstrates Pru Life UK’s commitment to protecting more Filipino families through innovative insurance solutions that cater to their evolving needs and the high level of trust customers place in the company, it said.
Pru Life UK recently introduced PRUMillion Flex, a limited-offer investment-linked insurance plan with a short two-year payment period and PRUFlexi Income Fund, which provides potential monthly payouts from global investments.
The new offerings address the growing demand for wealth-building options, giving Filipinos more ways to secure their financial future, it said.
“Being the industry leader in new business premiums underscores our commitment to being Filipinos’ partner for every life and protector for every future. We are grateful to our nearly 1 million policyholders for their trust and to our dedicated agency force—the largest in the country with more than 39,000 agents allowing us to expand our market reach. With their support, we will continue providing innovative and accessible insurance solutions to protect more Filipino families,” said Pru Life UK chief finance officer Francis Ortega.
A testament to Pru Life UK’s commitment is its Takaful journey aiming to protect a large underserved Muslim Filipino population. It was recently granted the country’s first Takaful (Islamic insurance) operator license by the Insurance Commission.
This addresses a long-standing gap for Shariah-compliant insurance in the Philippines, ensuring that more than 7 million Muslim Filipinos have access to financial protection that aligns with their faith. Pru Life UK’s Takaful product will be available soon.