Pru Life UK has proposed a set of regulatory changes to the Department of Finance aimed at making life insurance more accessible while maintaining stability in the sector.
The company’s top executives, led by president and CEO Sanjay Chakrabarty, met with Finance Secretary Frederick Go and Assistant Secretary Kristine Joy Diaz-Teston to discuss ways to strengthen the life insurance industry amid growing demand for financial protection among Filipino households.
Among the proposals was easing restrictions that would allow banks to offer life insurance and related products more widely, a move that could improve distribution and enhance the customer experience.
The company also suggested reviewing tax rules affecting life insurance to keep coverage affordable and encourage long-term financial planning.
Pru Life UK noted that updating investment rules under the Insurance Code could further strengthen industry resilience and support sustainable long-term returns.
“Our engagement with the Department of Finance reflects our shared goal of making long-term financial protection more accessible to more Filipinos, while ensuring the life insurance sector remains strong, stable, and sustainable,” Chakrabarty said.
“We look forward to continued collaboration and policy dialogue that supports responsible growth, strengthens consumer outcomes, and advances a more resilient and inclusive insurance landscape for the Philippines.”
The company added that ongoing discussions with regulators could help enhance consumer protection and allow the life insurance sector to play a bigger role in inclusive economic growth.
