Pru Life UK remains as one of the leaders in the Philippine life insurance industry, as it posted the highest new business annual premium equivalent (NBAPE) among life insurers in 2024.
According to the latest report of the Insurance Commission, Pru Life’s NBAPE reached P9.83 billion in 2024. In 2023, the insurer also ranked first in the said category, with P10.54 billion.
The NBAPE is the standard global metric for evaluating sales within the life insurance industry.
Sun Life of Canada (Philippines) Inc. came in second with P8.96 billion, followed closed by FWD Life Insurance Corp. with P7.74 billion, BPI-AIA Life Assurance Corp. with P5.31 billion and BDO Life Assurance Company Inc. with P4.69 billion.
In a statement, Pru Life said it stayed strong with its 33 percent quarter-on-quarter growth in the fourth quarter of 2024.
“This performance demonstrates Pru Life UK’s commitment to protecting more Filipino families through innovative insurance solutions that cater to their evolving needs and the high level of trust customers place in the company,” the company said.
Recently, Pru Life UK introduced PRUMillion Flex, a limited-offer investment-linked insurance plan with a short two-year payment period, and PRUFlexi Income Fund, which provides potential monthly payouts from global investments.
These new offerings address the growing demand for wealth-building options, giving Filipinos more ways to secure their financial future, the company said.
“Being the industry leader in new business premiums underscores our commitment to being Filipinos’ partner for every life and protector for every future,” Francis Ortega, Pru Life UK’s chief finance officer, said.
“We are grateful to our nearly 1 million policyholders for their trust and to our dedicated agency force—the largest in the country with over 39,000 agents allowing us to expand our market reach. With their support, we will continue providing innovative and accessible insurance solutions to protect more Filipino families,” Ortega added.
A testament to Pru Life UK’s commitment is its Takaful journey aiming to protect a huge unserved Muslim Filipino population. It was recently granted the country’s first Takaful (Islamic insurance) operator license by the Insurance Commission.
This milestone addresses a long-standing gap for Shari’ah-compliant insurance in the Philippines, ensuring that over seven million Muslim Filipinos have access to financial protection that aligns with their faith.
Pru Life said its Takaful product will be available soon.
