The insurer achieved Php 9.8 billion in new business premiums, ahead of its closest competitor by 8.87%
Pru Life UK continues to lead the Philippine
life insurance industry, achieving the highest
New Business Annual Premium
Equivalent (NBAPE) of Php 9.8 billion in
full year 2024 according to the latest Insurance Commission report. The company
stayed strong with its 33% quarter-on-quarter growth in the fourth quarter of
2024, widening the gap to 8.87% compared to its nearest competitor. In
particular, Pru Life UK is strong in Premium Income from Variable Life Insurance with a total of Php 46.1
billion and Renewal Premium Income from Variable Life Insurance reaching Php
36.2 billion.
This performance 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. Recently, Pru Life UK 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. These new offerings address the growing demand for wealth-building options, giving Filipinos more ways to secure their financial future.
Francis Ortega, Pru Life UK's Chief
Finance Officer shares, “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 over 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.”
A testament to
Pru Life UK’s commitment is its Takaful journey aiming to protect a huge
unserved Muslim Filipino population. It was recently granted the country’s
first Takaful (Islamic insurance) operator license by the Insurance Commission.
This milestone addresses a long-standing gap for Shari’ah-compliant insurance
in the Philippines1, ensuring that over seven million Muslim
Filipinos have access to financial protection that aligns with their faith. Pru
Life UK's Takaful product will be available soon.
As Pru Life UK
celebrates its 29th year in the Philippines in 2025, the company
commits to introducing innovative insurance solutions that cater to the
unique and evolving needs of Filipinos, helping them achieve their life,
health, and wealth goals.
Know more about the leading life insurer at www.prulifeuk.com.ph
[1] Filipino Muslims seek more Shari’ah-compliant options
About Pru Life UK
Pru
Life UK is the leading life insurer in the Philippines demonstrating its
commitment to protect Filipinos’ financial future and well-being for every
life, for every future.
Pru
Life UK offers a wide range of tailored solutions that address the unique and
evolving needs across demographics and life stages. These include life
protection, health, accident and disability, and investment-linked insurance.
Currently,
Pru Life UK serves over 930,000 individual policyholders and more than 85,000
insured group members, and ranks first in New Business Annual Premium
Equivalent* and Total Renewal Premium Income from Variable Life Insurance
Products** as of FY 2024, according to the Insurance Commission.
Pru
Life UK is a subsidiary of Prudential plc, with a 175-year legacy of
safeguarding the future of millions of families for this generation and
generations to come.
For more information visit www.prulifeuk.com.ph
*New
Business Annual Premium Equivalent (NBAPE) – premium for a new policy paid in a
year
*Renewal
Premium Income from Variable Life Insurance Products – premium collected for
existing policies
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