Pru Life UK maintains its top industry position in Q2 2023

Pru Life UK remained in the number one spot among life insurers in the Philippines based on New Business Annual Premium Equivalent (NBAPE) released during the second quarter of 2023. 

According to a report issued by the Insurance Commission (IC), Pru Life UK recorded a total NBAPE of Php 5.39 billion during the second quarter, resulting to an 18% increase as compared to the same period last year. Furthermore, the country’s life insurance industry as a whole also attained a 10% year-on-year growth, reaching a total NBAPE of Php 29.50 billion[1].

Through strict enforcement of persistency standards for our insurance agents as well as launching various business-focused initiatives, the company continued to top the market position in terms of total renewal premium income from variable life insurance products with Php 15.84 billion, maintaining its leadership position since 2021.

“We dedicate this remarkable milestone to our customers, employees, agency force, and partners. Pru Life UK will continue to live up to our mission to be the most trusted partners and protectors by providing simple and accessible financial and health solutions for every life, for every future," said Eng Teng Wong, Pru Life UK President and Chief Executive Officer.

With over 40,000 digitally-empowered agency workforce, Pru Life UK is committed to driving up financial inclusion in the country, especially targeting the unserved and underserved communities. 

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

As a testament to our dedication of excellence to the Philippines market, Pru Life UK was also conferred the International Life Insurer of the Year for the Philippines for three straight years, and included in the Philippines’ Best Customer List 2023 by Statista.

[1] https://www.insurance.gov.ph/life-insurers-premium-collection-from-new-business-grows-9-6-year-on-year-during-2nd-quarter/