Pru Life UK claims number 1 spot in life insurance industry ranking for 2020
Leading life insurer Pru Life UK is the new number one among life insurers in the Philippines in terms of New Business Annual Premium Equivalent (NBAPE) for the year 2020.
In a disclosure by the Insurance Commission (IC) today, Pru Life UK recorded a total NBAPE of Php 7.95 billion last year, which represents a 3.7% increase from the company’s NBAPE in 2019.
“We are thrilled to finally announce that we are the new industry leader. I extend my congratulations to our PRULifers--agency leaders, agents, distribution partners, and employees for their relentless commitment to our We DO promise of delivering our products and services with excellence. More importantly, I express our utmost gratitude to all our policyholders for their continued trust in the company,” said Pru Life UK President and CEO Antonio “Jumbing” De Rosas.
According to a media statement by the IC, the country’s life insurance industry as a whole recorded a 5.9% growth in premium income to Php 247.7 billion in 2020 from Php 233.9 billion in 2019.
The IC has adopted NBAPE, a global standard, to measure the Philippines’ life insurance industry’s sales performance more accurately. This yardstick helps the government body compare companies’ new sales by considering the two payment methods used in the industry--regular premium and single premium (also known as single-pay or one-time pay). A life insurer’s NBAPE is calculated by adding the value of regular premiums from products sold in a given year (or the initial annualized premiums) and 10% of single premiums written in the same period.
Since establishing operations in 1996, Pru Life UK has repeatedly pioneered new and innovative products for Filipinos. Its achievements include being one of the first companies allowed by the IC to issue dollar-denominated policies and the first to offer unit-linked or investment-linked life insurance products in the Philippines.
Pru Life UK embraced digital solutions and channels early on to propel its business further and expand its customer touchpoints. In 2019, it introduced Pulse, an all-in-one health and wellness solutions app. As a wellness ecosystem, the app educates and encourages users to lead a healthy lifestyle, enables them to interact with each other and offers rewards for completing health-related challenges. At the height of the pandemic last year, the company offered a free Personal Accident insurance and COVID-19 protection through Pulse as an additional measure to safeguard users against the virus. As of today, the app has been downloaded over three million times.
In 2020, Pru Life UK was also the first insurer to operate digitally, with nearly 100% work-from-home capability. It also further promoted Pulse, on which digital life protection solutions and payments were made available to promote customer convenience and safety. Meanwhile, the company’s agency force grew to over 44,000 agents last year, a 21% increase from 2019.
Pru Life UK first entered the top 10 list of life insurance companies in terms of First-Year Premiums in 1998. In 2007, it hit the Php 1 billion mark in terms of Annualized Premium Equivalent, a 130% growth from the previous year. Thirteen years later, it is now on top of the leaderboard, with a total net premium income of Php 30.9 billion, a 14% increase from Php 26.9 billion in 2019.
Twenty-five years of success
This significant achievement coincides with Pru Life UK’s 25th anniversary this year. To celebrate its success, Pru Life UK currently holds the We DO Health & Wealth: 25th Anniversary Celebration, featuring a 25-week free raffle bonanza.
“Last year was especially challenging because of the pandemic, but thanks to the remarkable resilience and strength of our people, coupled with the continued loyalty of our new and existing customers, we thrived. This celebration is our simple way of thanking our customers for letting us be their trusted life insurance partner for two and a half decades. In the years to come, we will continue to uphold our promise to be a company that listens and responds to the financial needs of our fellow Filipinos on their journey to achieve their health and wealth goals, and helps them get the most out of life,” added De Rosas.
Participants simply need to download Pulse and use its features to earn raffle entries. Users can increase their chances of winning by being more active on the app.
The 25-week raffle draw will award over Php 6 million worth of prizes to more than 600 winners, including a grand prize winner of Php 2.5 million cash, 25 winners of an iPhone 12 mini and 24 winners of an e-gift certificate worth Php 2,500. Official announcements can be found on Pru Life UK’s website and official Facebook page one day after the draw.
Meanwhile, Pru Life UK continues to provide its customers protection against COVID-19 with its latest free PRUPersonal Accident with COVID-19 and vaccine protection cover for adverse reactions valid for one year, issued on a complimentary basis to the first 250,000 registering via Pulse before May 31. This free insurance, a first-of-its-kind that offers the most comprehensive coverage in the industry, builds on the company’s free Personal Accident and COVID-19 protection launched in April last year and was extended to offer post COVID-19 vaccination coverage.
Pru Life UK’s unaudited Quarterly Reports on Selected Financial Statistics (QRSFS) for NBAPE in 2020 have been submitted and will be made available on the IC website https://www.insurance.gov.ph.
Reference:
[1] In terms of New Business Annual Premium Equivalent (NBAPE) for 2020