Pru Life takes lead in annualized premiums

MANILA, Philippines — Pru Life UK led the insurance industry in terms of new business annualized premium equivalent (NBAPE) in the third quarter.

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

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 P7.99 billion, up 15.8 percent year-on-year.

This is about 17 percent of the total NBAPE of the entire life insurance industry in the Philippines at P46.57 billion during the quarter.

Pru Life also led in terms of total renewal premium income from variable life insurance products at P34 billion amid innovative offerings. This is the premium collected for existing policies.

The insurance firm recently launched PRULove for Life, a limited-pay, whole-life participating plan with lifetime coverage up to age 100 and flexible payment terms from five to 20 years. The plan starts at only P87 per day.

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.