The Insurance Commission (IC) of the Philippines, in its new business annual premium equivalent (NBAPE) report for the third quarter of 2023, has indicated that Pru Life UK maintains its leading position in the country's life insurance sector.
According to the report, Pru Life UK achieved a total NBAPE of PHP7.99 billion as of Q3 2023, marking a 15.8% increase from the previous year. This performance surpasses the overall growth of the Philippine life insurance industry, which saw a 13.93% increase, reaching a total NBAPE of PHP46.57 billion.
NBAPE is internationally recognised as a key metric for assessing the sales performance of life insurance companies. Pru Life UK's sustained dominance in the market is partly attributed to its innovative approach, particularly in variable life insurance products, where it recorded over PHP34 billion in premium income in the first nine months of 2023.
The company's market leadership is also a result of the efforts of its substantial agency force, which is the largest in the Philippines, comprising 40,000 digitally skilled agents. These agents serve over 1.7 million Filipinos and their families, contributing significantly to Pru Life UK's continued success.
"We are blessed to continue leading the industry and being the top choice of our customers,” said Francis Ortega, executive vice president and chief financial officer for Pru Life UK. “Our heartfelt gratitude goes out to our clients, employees, agency force, and partners. We further strengthen our unwavering PRU Love and commitment to being the most trusted partners for every life, and protectors for every future of many Filipinos and families today and in the years to come.”
In other recent developments, Prudential has also announced a significant capital infusion in its joint venture (JV) with CITIC Financial Holdings.
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