Insurer Pru Life UK has sustained its leadership in the Philippine life insurance sector, achieving the highest New Business Annual Premium Equivalent (NBAPE) in the third quarter of 2024. The Insurance Commission (IC) reported that the company recorded a total NBAPE of P6.9 billion, along with a Total Premium Income from variable life insurance products of P33.9 billion as of Sept. 30, 2024.
NBAPE is a standard measure in the life insurance industry, helping evaluate sales performance and providing insights into the sector’s growth.
“As we continue to lead the industry, we strengthen our commitment as the most trusted partner and protector of Filipino families,” said Francis Ortega, chief finance officer of Pru Life UK.
In a significant development, Pru Life UK became the first in the country to secure a Takaful license, enabling it to offer Shari’ah-compliant insurance. This aims to address the needs of over seven million Muslim Filipinos, supporting financial inclusion and the government’s Islamic finance initiatives.
The company also introduced PRUMillion Flex, an investment-linked product allowing customers to pay premiums over two years, offering financial flexibility.
Serving over 1.9 million Filipinos through more than 39,000 digitally equipped advisors, Pru Life UK continues to focus on innovative solutions and financial literacy programs. Ortega emphasized that the company remains committed to helping Filipinos achieve financial resilience and secure their futures.