Pru Life UK premium income from variable life products hits P34B at end-Sept.

PRU LIFE Insurance Corp. of UK (Pru Life UK) booked a premium income from variable life insurance products of P34 billion as of end-September, driven by its “innovative” offerings.

“Pru Life UK’s continued market leadership can be attributed to the steadfast dedication of its 40,000 digitally empowered agency force, the largest in the insurance industry in the Philippines serving over 1.7 million Filipinos and families,” Pru Life UK said in a statement on Thursday.

The company also saw its New Business Annual Premium Equivalent (NBAPE) rise by 15.8% year on year to P7.99 billion in the first nine months of 2023, Pru Life UK said, citing data from the Insurance Commission (IC).

This was faster than the industry’s 13.93% growth to P46.57 billion at end-September.

“NBAPE is the standard metric used globally to evaluate the sales performance of the life insurance industry in the Philippines,” Pru Life UK said.

The company noted that it led the industry in terms of both NBAPE and total renewal premium income from variable life insurance products during the period.

“We are blessed to continue leading the industry and being the top choice of our customers. Our heartfelt gratitude goes out to our clients, employees, agency force, and partners,” Pru Life UK Executive Vice-President and Chief Financial Officer Francis P. Ortega said.

“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,” he added.

The premium income of life insurance companies grew by 13.93% to P229.89 billion at end-September, data from the IC showed.

The sector’s net income stood at P28.79 billion during the period, up by 10.32% from P26.10 billion last year. — AMCS