Pru Life UK said it ranked number one in the life insurance industry in the Philippines, garnering the highest new business annual premium equivalent (NBAPE) based on the recently-released Insurance Commission (IC) report.
The report shows that Pru Life UK achieved an NBAPE of P10.54 billion in 2023, representing 11 percent growth.
The company said it broadened the gap with the closest competitor by a margin of P472 million. NBAPE serves as the universally-accepted performance metric used to assess sales performances of the life insurance industry in the Philippines.
Pru Life UK said its innovative offerings enabled it to lead in total premium income from variable life insurance products, amounting to over P45.7 billion as of Dec. 31, 2023.
Pru Life UK, with over 42,000 digitally-empowered agents and 1.7 million lives assured, said it strengthens its market leadership to reflect the company’s commitment to being the most trusted partner and protector of Filipino families.
It also attributed its industry success to good corporate governance which guides the business to lead with transparency and integrity.
Pru Life UK is a Golden Arrows awardee for five consecutive years since 2018.
“It is with great pride and honor that we achieved the country’s number one life insurer position in 2023,” said Francis Ortega, executive vice-president and chief financial officer of Pru Life UK.
“We express our heartfelt appreciation to our customers, partners, employees, and agency force for their collective efforts that have driven us to achieve this significant milestone,” he said.
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.