Pru Life UK maintains its number one position among life insurers in the Philippines in terms of New Business Annual Premium Equivalent (NBAPE) for the year 2021.
According to a disclosure by the Insurance Commission (IC), Pru Life UK achieved a total NBAPE of P8.83 billion last year, a significant increase of 11 per cent from the company’s NBAPE of P7.95 billion in 2020.
Pru Life UK President and CEO Eng Teng Wong said he is delighted to announce that they have retained the number one position in the industry for 2021.
“I sincerely thank and congratulate all Pru Life UK employees, agency leaders, agents, and distribution partners for their unwavering commitment to helping many more Filipinos and families get the most out of life,” Wong said.
The IC has also stated that the country’s life insurance industry as a whole achieved a 12.9 per cent growth in NBAPE to P52 billion in 2021 from P46 billion in 2020.
A life insurer’s NBAPE is computed as the sum of the value of regular premiums from products sold for a given year and 10 percent of single premiums written in the same year.
The IC has adopted NBAPE, an international standard, in measuring the life insurance industry’s sales performance in the country.
Pru Life UK accomplished this feat through its relentless focus in developing innovative and inclusive products, forging strategic partnerships, and helping its customers achieve a healthy lifestyle through its all-in-one health and wealth management app, Pulse.
The company also received the International Life Insurer of the Year honors in the Insurance Asia Awards 2021 and bagged four Golden Arrows awards for strong corporate governance given by the Institute of Corporate Directors. It topped the Million Dollar Round Table ranking among local insurance companies for the year.
