Pru Life posts P9.4-B new business premium in 2022

Pru Life UK sustained its growth last year, ranking first in total renewal premium income from variable life insurance products and second in new business annual premium equivalent (NBAPE). Data from the Insurance Commission (IC) showed that Pru Life UK achieved a total NBAPE of P9.46 billion in January to December 2022, up seven percent from P8.83 billion a year earlier. “It has been possible with the continued trust of our over a million customers and the dedication of our employees and 39,000-strong agency force who believe in our purpose of helping many more Filipino families get the most out of life,” Eng Teng Wong, Pru Life UK president and chief executive officer said. Based on the IC report, the country’s overall life insurance industry attained a 5.8 percent growth to P55 billion in 2022 from P52 billion in 2021 in NBAPE, a global standard measuring tool used to determine the sales performance of the life insurance industry in the Philippines. “Having the largest agency force in the industry, Pru Life UK has been relentlessly committed to providing innovative and customer-centric insurance products to its customers to help them achieve a healthier and wealthier lifestyle,” Wong said. Last year, the company launched PRUHealth FamLove, a critical illness protection product accessible to all Filipino families of different types and sizes, including same-sex or common-law partners, parents, and adoptive families. Pru Life UK was also conferred the International Life Insurer of the Year for the Philippines for two straight years in 2020 and 2021. The consistent growth of Pru Life UK is aligned with its parent company, Prudential plc which recorded a 9 per cent growth in Annual Premium Equivalent (APE) amounting to $4.40 billion in 2022. On its 175th anniversary and 100 years of operations in Asia, Prudential is as strong as ever, with leading market positions in many of its key markets in Asia and Africa.