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 UK said it garnered the highest NBAPE among life insurers as of end-September. It also ranked first in total premium income from variable life insurance products.
NBAPE is a global standard used to determine the sales performance of life insurance companies in the Philippines.
During the period, the insurer recorded a NBAPE of P6.9 billion. Meanwhile, the total premium income from variable life insurance products of Pru Life UK stood at P33.9 billion.
Pru Life UK attributed the growth to its strong market presence and sustained industry leadership, which reflects the company’s commitment to providing innovative and customer-focused insurance solutions.
“As we continue to lead the industry, we strengthen our commitment as the most trusted partner and protector of Filipino families. This is a fitting achievement as we celebrate 28 years of serving our customers with integrity and dedication,” Pru Life UK chief finance officer Francis Ortega said.
Pru Life UK has recently been awarded the country’s first Takaful (Islamic insurance) license by the Insurance Commission, reinforcing the insurer’s long-term commitment to the local market.
This milestone addresses a long-standing need for Shari’ah-compliant insurance, aiming to enhance financial inclusion for over seven million Muslim Filipinos while supporting the government’s initiatives to advance Islamic finance.
Pru Life UK also introduced its latest investment-linked insurance product, PRUMillion Flex. This allows customers to pay premiums over just two years through various payment modes, giving them flexibility to manage their finances more effectively.
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 dollar-denominated investment-linked life insurance policies in the country.
Since its establishment, Pru Life UK has expanded its reach to over 170 branches and general agency offices in the Philippines, with the largest life insurance agency force with more than 39,000 licensed agents.