Pru Life UK is top life insurer
in Q1 2023
Pru Life UK lands the number one spot among life insurers in the Philippines based on New Business Annual Premium Equivalent (NBAPE) for the first quarter of 2023.
According to the report of the Insurance Commission (IC), Pru Life UK recorded a total NBAPE of Php 2.76 billion1 which is a 19% increase from the same period in 2022.
The company also leads the market in terms of total renewal premium income from variable life insurance products with Php 7.9 billion, maintaining its leadership position since 2021.
“We are immensely pleased to be the number one life insurer in the Philippines. We are grateful for the continued trust of our customers and the dedication of our employees, agency force, and partners. This feat inspires us to bless many more Filipino families and help them get the most out of life,” said Eng Teng Wong, Pru Life UK President and Chief Executive Officer.
The IC’s report highlighted that the country’s life insurance industry as a whole attained a 18.6% year-on-year growth, reaching a total NBAPE of Php 15.47 billion. NBAPE is the global standard measuring metric used to evaluate the sales performance of the life insurance industry in the Philippines.
Since its establishment in 1996, Pru Life UK has been at the forefront of the industry, providing innovative and reliable life insurance solutions to Filipinos.
In 2022, 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. With over 39,000 licensed agents, 173 branches and 120 general agency offices it has the largest digitally-empowered agency force in the country.
Pru Life UK’s unaudited Quarterly Reports on Selected Financial Statistics (QRSFS) for NBAPE and Premium Income in 2022 are available on the IC website https://www.insurance.gov.ph
1 Life – 1st Quarter of 2023 results https://www.insurance.gov.ph/life-1st-quarter-of-2023/
2 Life – 1st Quarter of 2023 results https://www.insurance.gov.ph/life-1st-quarter-of-2023/
Note:
*Renewal Premium Income from Variable Life Insurance Products – premium collected for existing policies
**New Business Annual Premium Equivalent (NBAPE) – premium for a new policy paid in a year