Pru Life UK opens bigger Cebu office to boost insurance access

CEBU, Philippines — Growing demand for financial protection in the Visayas is prompting insurers to expand their presence in the region, with Pru Life UK opening a larger office in Cebu City to support more than 1,000 financial advisers and widen access to life insurance across Cebu and neighboring provinces.

The new facility, known as PruHouse Cebu and located at Latitude Corporate Center in Cebu Business Park, will serve as a hub for agency leaders and financial planners operating across the central Philippines, reflecting the insurer’s push to tap rising demand for protection and long-term savings products in one of the country’s fastest-growing regional economies.

The company had begun transferring operations to the site last year but postponed its formal launch after calamities hit the province.

Jennifer Santos, vice-president for agency growth and national sales director at Pru Life UK, said the expanded office signals the company’s long-term commitment to the region.

“This office houses more than 1,000 of our agency partners. It’s a strong manifestation that we support the Cebu community and that we are here to stay for the long term,” Santos said.

The move comes as insurers seek to capture growing demand for life insurance in the Visayas, where rising incomes, expanding urban centres and increasing awareness of financial risk are gradually boosting interest in protection products.

Yet penetration remains low nationwide. Fewer than 2 per cent of Filipinos hold life insurance policies, leaving substantial room for growth.

“We still have a huge opportunity in terms of the number of families we can reach and offer life insurance coverage,” Santos said.

Life insurance products offered by Pru Life UK include protection plans, long-term savings, education funding, retirement planning and health coverage.

Industry executives say a lack of awareness continues to be the biggest barrier to wider adoption. Many Filipinos only recognize the value of insurance after experiencing financial shocks such as illness, accidents or the death of a family member.

“Our biggest challenge is still awareness — helping families understand the importance of life insurance before an emergency happens,” Santos said.

Financial planners often face repeated rejection before securing appointments with potential clients, highlighting the difficulty of translating awareness into policy purchases. Advisers typically conduct financial needs analyses to tailor plans to a client’s goals and budget.

While younger Filipinos now have easier access to financial information through social media and digital platforms, insurers say converting that awareness into actual protection coverage remains a challenge.

For Pru Life UK, expanding its advisory network remains central to its strategy as it marks three decades in the Philippines. The company said strengthening its presence in regions such as Cebu is key to reaching more households, particularly in disaster-prone areas where financial resilience is increasingly critical. (CEBU NEWS)