MANILA, Philippines — Pru Life UK continued to lead the insurance industry in terms of new business annualized premium equivalent (NBAPE) in the third quarter amid strong market presence.
In a statement, Pru Life said it retained its spot among life insurers based on NBAPE as of end-September. During the period, the insurer recorded a NBAPE of P6.9 billion.
The NBAPE is a global standard used to determine the sales performance of life insurance companies in the country.
The total premium income from variable life insurance products of Pru Life also stood at P33.9 billion.
Pru Life attributed its growth to its strong market presence and sustained industry leadership, which reflects the company’s commitment to providing innovative and customer-focused insurance solutions.
“As we continue to lead the industry, we strengthen our commitment as the most trusted partner and protector of Filipino families. This is a fitting achievement as we celebrate 28 years of serving our customers with integrity and dedication,” Pru Life UK chief finance officer Francis Ortega said.
Established in 1996, Pru Life UK is the pioneer of insuravest, or investment-linked life insurance products, in the Philippines and is one of the first life insurance companies approved to distribute dollar-denominated investment-linked life insurance policies in the country.
Since its establishment, Pru Life UK has expanded its reach to over 170 branches and general agency offices in the Philippines, with the largest life insurance agency force with more than 39,000 licensed agents.
Pru Life said it remains steadfast in supporting Filipinos in achieving their financial goals.
“By investing in digital technologies to enhance accessibility and prioritizing financial literacy programs, Pru Life UK continues to contribute to the development of a more financially resilient society while staying attuned to the evolving needs of its customers,” it said.
As a trusted insurance provider, Pru Life serves more than 1.9 million Filipinos through its over 39,000 digitally empowered advisors and innovative products.