Pru Life UK has cemented its position as the leading life insurance provider in the Philippines, according to the latest report from the Insurance Commission (IC).
As of the third quarter of 2024, the company achieved a new business annual premium equivalent (NBAPE) of P6.9 billion, the highest in the industry, along with P33.9 billion in total premium income from variable life insurance products. This continued dominance reflects the company’s unwavering commitment to offering customer-focused and innovative insurance solutions.
NBAPE is a critical metric in the life insurance sector, providing key insights into sales performance and the overall health of the industry.
“As we continue to lead the industry, we strengthen our commitment as the most trusted partner and protector of Filipino families. This is a fitting achievement as we celebrate 28 years of serving our customers with integrity and dedication,” said Pru Life UK CFO Francis Ortega.
As part of its ongoing efforts to cater to a diverse customer base, Pru Life UK recently made significant strides in promoting financial inclusion by becoming the first company in the Philippines to be granted a Takaful (Islamic insurance) license.
This milestone fills a critical gap in the market for Shari’ah-compliant insurance and is expected to support the over seven million Muslim Filipinos who have long been underserved in the insurance industry. It also aligns with the government’s initiatives to develop and promote Islamic finance in the country.
