Pru Life UK ranks number one in the life insurance industry in the Philippines, according to the report from the Insurance Commission as of December 31, 2023.
The company achieved a significant New Business Annual Premium Equivalent (NBAPE) of P10.54 billion in 2023, marking an 11% growth. This solidified its lead over its closest competitor by a margin of P472 million. NBAPE is a key measure used to evaluate sales performance in the Philippine life insurance industry.
Pru Life UK also leads in total premium income from variable life insurance products, amounting to over P45.7 billion as of December 31, 2023.
Pru Life UK has over 42,000 digitally empowered agents and 1.7 million lives assured. More than numbers, however, the company also attributes its industry success to good corporate governance, which guides the business to lead with transparency and integrity. A Golden Arrows awardee for five consecutive years since 2018, Pru Life UK is a model of responsible business practices in the Philippines.
The consistent growth of Pru Life UK is aligned with that of its parent company, Prudential plc, which recorded a 45% increase in new business profit to USD 3.1 billion as of December 31, 2023.
As it further strengthens its commitment to providing financial solutions addressing the evolving needs of Filipinos, the company recently launched PRULove Wealth, a single premium product designed to provide Filipinos life insurance coverage while also allowing them to earn returns with rates comparable with those from high-yielding time deposits.
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