Prudential Plans grabs lead

Prudential Plans Inc. has taken the overall leadership in the country’s pre-need industry, accounting for a market share of almost 20 percent in the first two months this year.

Based on preliminary data from the Securities and Exchange Commission (SEC), Prudential Plans breached the P1-billion mark with consolidated sales of P1.23 billion for January and February 2003.

As of end 2002, Philam Plans Inc. was the overall leader with P8.1 billion in pre-need price (PNP).

Data from the Non-traditional Securities Division of the SEC indicate that Prudential Plans sold 17,801 plans worth P1.23 billion for a market share of 19.44 percent. Industry-wide sales reached 129,867 plans worth P6.3 billion.

"This is proof of the dedication and hard work of a market-driven sales force with an all-out management support," Jose Alberto T. Alba, Prudential Plans president said.

The industry’s consolidated top five slots have been contested among Prudential Life, Philam Plans, Pacific Plans Inc., the Comprehensive Annuity Plans (CAP Plans), and Loyola Plans Consolidated Inc.

Sunlife Financial Plans Inc., Berkley International Plans Inc., Eternal Plans Inc., Provident Plans International Inc., and TPG Corp. traditionally occupy the next five slots.

The top 10 pre-need players account for almost 90 percent of all plans-in-force.

Prudential Plan was the leader in education plans in the first two months of 2003. It sold 7,849 plans amounting to P761.8 million or 34 percent of the education plans sold in that period.

Philam Plans, which came in second with a 16-percent market share followed by College Assurance Plans Phils. (CAP Phils.), Berkeley International and Loyola Plans.

In the life plan market, the Alba-Santos bannered Prudential Plans again took the lead, accounting for 31 percent of the market with sales of 6,899 plans worth P146.5 million.

The next four slots went to St. Peter Life Plans (14 percent market) share, Pacific Plans (14 percent), Eternal Plans (11 percent), and Loyola Plans (seven percent).

Philam Plans took the lead in the pension plan market, accounting for a 21-percent share followed by Prudential Plans with a market share of nearly 12 percent.

CAP came in third overall in the pension plan market followed by Pacific Plans and Loyola Plans. Manulife Financial Plans settled for eighth despite being in the industry for less than three years.