Pru Life UK retains top spot as country’s leading life insurer in Q3 2023
According to the recently released New Business Annual Premium Equivalent (NBAPE) report as of Q3 2023 by the Insurance Commission (IC), Pru Life UK maintains its top position in the life insurance industry in the Philippines.
The report shows that Pru Life UK recorded a total NBAPE of Php 7.99 billion as of Q3 2023 representing a 15.8% increase, while the country’s life insurance industry as a whole attained a 13.93% growth compared to the same period last year, reaching a total NBAPE of Php 46.57 billion.[1] NBAPE is the standard metric used globally to evaluate the sales performance of the life insurance industry in the Philippines.
Owing to the company's constant innovative offerings, Pru Life UK was also able to maintain its leadership position in total premium income from variable life insurance products, amounting to over Php 34 billion in the first nine months of 2023.
Pru Life UK's continued market leadership can be attributed to the steadfast dedication of its 40,000 digitally empowered agency force, the largest in the insurance industry in the Philippines serving over 1.7 million Filipinos and families.
"We are blessed to continue leading the industry and being the top choice of our customers. Our heartfelt gratitude goes out to our clients, employees, agency force, and partners," expressed Francis Ortega, Executive Vice President and Chief Financial Officer of Pru Life UK. "We further strengthen our unwavering PRU Love and commitment to being the most trusted partners for every life, and protectors for every future of many Filipinos and families today and in the years to come.
Last month, the company launched PRULove for Life, an innovative limited-pay, whole-life participating plan with lifetime coverage up to age 100 and flexible payment terms of 5, 10, 15, and 20 and starts at just Php 872 per day. The plan offers a unique combination of living and death benefits at an affordable cost, providing policyholders with the peace of mind that comes with knowing they are protected for life.