The life insurance company’s NBAPE amounted to a total of Php 10.54 billion for 2023
Pru Life UK has secured the top spot in the Philippine life insurance industry, as confirmed by the latest report from the Insurance Commission (IC) as of December 31, 2023. The company achieved the highest New Business Annual Premium Equivalent (NBAPE) with an impressive Php 10.54 billion, marking an 11% growth. This substantial achievement widens the gap between Pru Life UK and its closest competitor by Php 472 million. NBAPE stands as the standard metric for evaluating sales performance within the Philippine life insurance sector.
In addition to its NBAPE success, Pru Life UK also leads in total premium income from variable life insurance products, amassing over Php 45.7 billion by the end of 2023. This exceptional performance is bolstered by the company’s digital transformation, boasting a network of over 42,000 empowered agents and providing assurance to 1.7 million lives. Pru Life UK’s dominance in the market underscores its steadfast dedication to becoming the most trusted partner and protector of numerous Filipino families.
Beyond numerical achievements, Pru Life UK attributes its industry leadership to robust corporate governance, fostering transparency and integrity throughout its operations. Recognized with the Golden Arrows award for five consecutive years since 2018, the company exemplifies responsible business practices in the Philippines.
Francis Ortega, Executive Vice President and Chief Financial Officer of Pru Life UK, expressed immense pride in attaining the country’s top life insurer position in 2023. He extended gratitude to customers, partners, employees, and the agency force whose collective efforts propelled Pru Life UK to this significant milestone. With their guiding purpose, “For Every Life, For Every Future,” the company remains committed to offering innovative and accessible solutions to Filipinos, aiming to be their trusted partner for generations to come.
Pru Life UK’s consistent growth aligns with that of its parent company, Prudential plc, which reported a 45% increase in new business profit to USD 3.1 billion by December 31, 2023. In line with its commitment to addressing evolving financial needs, Pru Life UK recently introduced PRULove Wealth, a single premium product providing life insurance coverage while offering competitive returns akin to high-yielding time deposits. The plan features a 4% guaranteed annual cash payout, 100% cashback, and up to 125% insurance coverage.*
