Pru Life UK said it maintained its position as the leading life insurer in the Philippines, citing strong business results and a commitment to providing affordable financial solutions.
The insurer reported the highest new business annual premium equivalent (NBAPE) at P9.8 billion in 2024, according to the latest Insurance Commission report.
The company said its NBAPE grew 33 percent quarter-on-quarter in the fourth quarter of 2024, extending its lead over its closest competitor to 8.87 percent.
Pru Life UK said its total premium income rose to P48.2 billion from P46.2 billion in 2023, while its risk-based capital ratio increased to 491 percent from 453 percent.
“Our strong business performance reflects our commitment to addressing the evolving needs of Filipinos with the right insurance products at the right time,” said Francis Ortega, Pru Life UK’s chief financial officer.
“We remain committed to sustainable growth anchored on innovative and customer-centric solutions,” said Ortega.
Pru Life UK said it plans to expand its portfolio with new health and protection solutions in 2025.
As the first Takaful operator in the Philippines, the company said it is preparing to launch its first affordable, Shariah-compliant Family Takaful product for the Muslim Filipino community.
“The trust of close to one million policyholders inspires us to protect more Filipinos,” said Rozanne Magararu, Pru Life UK’s chief customer and marketing officer.
She said the company approved more than 11,000 claims, amounting to P2.2 billion in 2024. “This underscores the company’s commitment to fulfilling its promise to customers,” she said.