Pru Life UK Retains Top Spot in Philippines Life Insurance for Q1 2024

May 24, 2024 William Johnson Business, Finance 0

A Happy Family Drinking Tea at Home

The life insurance company’s NBAPE amounted to a total of Php 2.36 billion for the first quarter of 2024

Pru Life UK sustains its position as the leading life insurer in the Philippines, concluding the first quarter of 2024 with the highest New Business Annual Premium Equivalent (NBAPE), following its top ranking at the end of 2023. 

The report from the Insurance Commission (IC) shows Pru Life UK garnered a total of Php 2.36 billion in NBAPE as of 31 March 2024. NBAPE serves as the universally accepted performance metric used to assess and compare sales performances of the life insurance industry in the Philippines*. 

By leveraging on a customer-centric approach and product innovation, together with the support of its over 37,000 digitally empowered agency force, Pru Life UK also leads in total premium income from variable life insurance products, amounting to over Php 11.1 billion as of 31 March 2024.

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Solidifying its strong market position and growth potential in the insurance industry, Pru Life UK continues to diversify its innovative offerings with the launch of PRULove for Life, a limited-pay, whole-life participating plan for as low as Php 87** per day, and PRULove Wealth***, a single premium product offering 4% guaranteed annual cash payout, 100% cashback, and up to 125% insurance coverage. 

 
“We are proud to have sustained our position as the top life insurer in the Philippines for the first quarter of 2024 based on the IC’s NBAPE ranking. This achievement reflects our unwavering commitment to providing innovative financial solutions to Filipino families. It is a testament to our agility, resilience, and relentless focus to provide only what’s best for our customers,” shares Sanjay Chakrabarty, Pru Life UK’s President and Chief Executive Officer.

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Demystifying the world of finance is my mission. As a finance news writer with 7 years of experience, I've covered everything from breaking market news to in-depth analysis of industry trends. I'm here to keep you informed and empowered in your financial journey.