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April 12, 2024

Pru Life UK claims top spot in Philippine life insurance market, surpassing Sun Life

Pru Life UK asserted its dominance in the Philippine life insurance sector for 2023, displacing Sun Life of Canada Philippines by a significant margin of P472 million.

As per the Insurance Commission’s report, Pru Life UK’s New Business Annual Premium Equivalent (NBAPE) soared to P10.54 billion, marking an 11% year-on-year increase. In contrast, Sun Life of Canada Philippines trailed with sales amounting to P10.06 billion.

The bulk of Pru Life UK’s sales, totaling P10.33 billion, stemmed from variable life insurance products, overshadowing traditional insurance which accounted for only P205 billion.

This achievement was attributed to Pru Life UK’s expansive digital agent network, which contributed to generating a premium income of P45.7 billion from variable products, covering 1.7 million lives.

Reflecting the growth trajectory of its parent company, Prudential plc, Pru Life UK witnessed a 45% surge in new business profit.

Pru Life UK recently unveiled PRULove Wealth, an innovative product offering life insurance combined with the potential for high returns, including guaranteed payouts and increased coverage (subject to terms).

Established in 1996, Pru Life UK has been at the forefront of offering investment-linked life insurance solutions. With a formidable agency force of over 42,000 licensed agents and a network spanning over 170 branches nationwide, the company continues to lead the industry with its pioneering initiatives.