Philippines: Pru Life leads insurance sector in new premium

| 24 Oct 2023

Pru Life UK led the insurance industry in terms of new business annualised premium equivalent (NBAPE) in the second quarter.

In a statement, Pru Life said it retained its spot among life insurers based on NBAPE as of the end of the second quarter. 

NBAPE is a global standard used to determine the sales performance of life insurance companies in the country. 

During the period, Pru Life recorded a total NBAPE of PHP5.39 billion, up 18% year-on-year. 

This represents about 18% of the total NBAPE of the entire life insurance industry in the Philippines at PHP29.5 billion during the quarter. 

Pru Life also led in terms of total renewal premium income from variable life insurance products at PHP15.84 billion. This is the premium collected for existing policies. 

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 US dollar-denominated investment-linked life insurance policies in the country. 

Since its establishment, Pru Life UK has expanded its reach to over 173 branches and 120 general agency offices in the Philippines, with the largest life insurance agency force with more than 40,000 licensed agents. 

Just recently, the firm expanded its partnership with the ATRAM Group, a leading independent asset and wealth manager in the Philippines. 

This is part of the company’s growth strategy to focus on its core business and fulfill the needs of its growing customer base, reported Philstar Global.