Pru Life UK maintained its position at the top of the Philippine life insurance industry in 2024, reporting a New Business Annual Premium Equivalent (NBAPE) of ₱9.8 billion, according to the latest data from the Insurance Commission. The company recorded a 33% growth in the fourth quarter of 2024, widening its lead over competitors with an 8.87% gap.
The company also performed well in Premium Income from Variable Life Insurance, which reached ₱46.1 billion, and Renewal Premium Income from Variable Life Insurance, totaling ₱36.2 billion.
“Being the industry leader in new business premiums underscores our commitment to being Filipinos’ partner for every life and protector for every future,” said Francis Ortega, CFO, Pru Life UK.
Pru Life UK recently launched PRUMillion Flex, a limited-offer investment-linked insurance plan with a two-year payment term, and PRUFlexi Income Fund, which provides potential monthly payouts from global investments. These new products aim to meet the increasing demand for financial growth opportunities.
The company also took a step toward expanding financial inclusion by securing the country’s first Takaful (Islamic insurance) operator license from the Insurance Commission. This initiative seeks to offer Shari’ah-compliant insurance to more than seven million Muslim Filipinos who previously had limited options. Pru Life UK’s Takaful product will be available soon.