Pru Life UK achieves resilient performance in 2022 industry ranking
The life insurance company recorded a total NBAPE of Php 9.46 billion for 2022

Pru Life UK delivered a resilient performance and continued growth as it ranked first in Total Renewal Premium Income from Variable Life Insurance Products and second in New Business Annual Premium Equivalent (NBAPE) for the year 2022.

In a disclosure by the Insurance Commission (IC), Pru Life UK achieved a total NBAPE of Php 9.46 billion last year, reflecting a 7 per cent growth from the company’s NBAPE of Php 8.83 billion in 2021.

“We remain grateful for the opportunities that allow us to be among the top-performing companies in the industry. It has been possible with the continued trust of our over a million customers and the dedication of our employees and 39,000-strong agency force who believe in our purpose of helping many more Filipino families get the most out of life,” said Pru Life UK President and CEO Eng Teng Wong.

According to the IC’s report, the country’s overall life insurance industry attained a significant 5.8 per cent growth to Php 55 billion in 2022 from Php 52 billion in 2021 in NBAPE, a global standard measuring tool used to determine the sales performance of the life insurance industry in the Philippines.

Having the largest agency force in the industry, Pru Life UK has been relentlessly committed to providing innovative and customer-centric insurance products to its customers to help them achieve a healthier and wealthier lifestyle.

Last year, the company launched PRUHealth FamLove, a first-of-its-kind critical illness protection product accessible to all Filipino families of different types and sizes, including same-sex or common-law partners, parents, and adoptive families.

Pru Life UK was also conferred the International Life Insurer of the Year for the Philippines for two straight years in 2020 and 2021.

The consistent growth of Pru Life UK is aligned with its parent company, Prudential plc which recorded a 9 per cent growth in Annual Premium Equivalent (APE) amounting to US$ 4.40 billion in 2022.

On its 175th anniversary and 100 years of operations in Asia, Prudential is as strong as ever, with leading market positions in many of its key markets in Asia and Africa. Pru Life UK’s unaudited Quarterly Reports on Selected Financial Statistics (QRSFS) for NBAPE and Premium Income in 2022 have been submitted and available at the IC website.