MANILA, Philippines - Pru Life UK Philippines said its premium income has grown by an average 78 percent over the past three years, capped by the impressive 33.33-percent growth in 2011.
Total premiums last year grew to P10.4 billion from P7.8 billion in 2010 to P10.4 billion. In 2009, premium income was recorded at P3.5 billion.
The huge leap in premium growth catapulted Pru Life UK from sixth largest insurer in 2009 to fourth in 2010.
It attributed the growth in premium income to the strength of its agency force and indirect relations with foreign banks.
“We were able to achieve these level of sales without a bancassurance distribution network,” Antonio Manuel G. de Rosas, Pru Life UK chief executive officer for the Philippines, said.
Of the first-year premiums last year, the agency force accounted for roughly 60 percent of total while the brokerage arrangement accounted for the remaining 40 percent. Pru Life UK operates solely on its 3,000-strong agency force and a brokerage arrangement with Citi and the Hongkong and Shanghai Banking Corp. (HSBC).
Net profit, meanwhile, grew from P640 million in 2010 to P682 million last year.
First-year premiums, including single premiums, reached P8.1 billion while renewal premiums (collections made from existing policies) amounted to P2.3 billion.
First-year premiums are first-time policies written, while single premiums are policies that require one-time payments.