Pru Life UK pushes insurance reforms

MANILA, Philippines — Pru Life UK has raised proposed regulatory changes with the Department of Finance as it seeks to expand access to life insurance and strengthen industry stability amid rising demand for financial protection among Filipino households.

The insurer said its leadership, led by president and CEO Sanjay Chakrabarty, met with Finance Secretary Frederick Go and Assistant Secretary Kristine Joy Diaz-Teston to discuss policy measures that could support growth in the life insurance sector while improving customer experience.

Among the areas raised were proposals to make it easier for banks to distribute life insurance and related products, which the company said could help widen access and simplify the customer journey.

Pru Life UK also cited the need to review life insurance tax rules to keep coverage affordable and encourage long-term financial planning.

The company likewise flagged possible updates to investment provisions under the Insurance Code, noting that clearer and more flexible rules could help improve industry stability and support sustainable long-term returns.

Chakrabarty said the discussions aligned with broader goals of expanding financial inclusion while maintaining a sound insurance system.

“Our engagement with the Department of Finance reflects our shared goal of making long-term financial protection more accessible to more Filipinos, while ensuring the life insurance sector remains strong, stable and sustainable,” he said.

“We look forward to continued collaboration and policy dialogue that supports responsible growth, strengthens consumer outcomes and advances a more resilient and inclusive insurance landscape for the Philippines,” he added.

Pru Life UK said it plans to continue engaging with government agencies and regulators on policy reforms that could strengthen consumer protection and enable the life insurance industry to play a bigger role in inclusive economic growth.