Pru Life UK Dominates 2024 Life Insurance Industry with Php 9.8 Billion in New Premiums

Pru Life UK has once again demonstrated its leadership in the Philippine life insurance market, achieving a remarkable New Business Annual Premium Equivalent (NBAPE) of Php 9.8 billion for the full year 2024, as reported by the Insurance Commission. The company recorded an impressive 33% quarter-on-quarter growth in the fourth quarter of 2024, outpacing its nearest competitor by 8.87%.

Pru Life UK’s success is particularly notable in the realm of Variable Life Insurance, with a total Premium Income of Php 46.1 billion and Renewal Premium Income reaching Php 36.2 billion. This performance reflects the company’s dedication to securing the financial futures of more Filipino families through innovative insurance products that meet their evolving needs.

Recognizing the demand for wealth-building options, Pru Life UK recently launched two exciting products: PRUMillion Flex, a limited-offer investment-linked insurance plan with a short two-year payment period, and the PRUFlexi Income Fund, which offers potential monthly payouts from global investments. These new offerings are designed to empower Filipinos to enhance their financial security.

Francis Ortega, Chief Finance Officer of Pru Life UK, stated, “Leading the industry in new business premiums highlights our commitment to being a trusted partner and protector for Filipinos. We are immensely 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, for helping us broaden our market reach. With their support, we will continue to provide innovative and accessible insurance solutions to safeguard more Filipino families.”

A key milestone in Pru Life UK’s commitment to inclusivity is its new Takaful journey, focused on providing insurance solutions to the underserved Muslim Filipino community. The company recently received the Philippines’ first Takaful operator license from the Insurance Commission, addressing a long-standing need for Shari’ah-compliant insurance. This initiative will offer financial protections aligned with the values of over seven million Muslim Filipinos, with the Takaful product set to launch soon.

As Pru Life UK celebrates its 29th anniversary in the Philippines in 2025, the company remains steadfast in its mission to introduce innovative insurance solutions tailored to the unique and evolving needs of Filipinos, supporting them in achieving their life, health, and wealth goals.