Pru Life UK maintains its No. 1 position among life insurers in the Philippines in terms of New Business Annual Premium Equivalent (NBAPE) for the year 2021.
According to a disclosure by the Insurance Commission (IC), Pru Life UK achieved a total NBAPE of P8.83 billion last year, a significant increase of 11% from the company’s NBAPE of P7.95 billion in 2020.
The IC has also stated that the country’s life insurance industry as a whole achieved a 12.9% growth in NBAPE to P52 billion in 2021 from P46 billion in 2020. A life insurer’s NBAPE is computed as the sum of the value of regular premiums from products sold for a given year (or the initial annualized premiums) and 10% of single premiums written in the same year. The IC has adopted NBAPE, an international standard, in measuring the life insurance industry’s sales performance in the country.
Pru Life UK accomplished this feat through its relentless focus on developing innovative and inclusive products, forging strategic partnerships, and helping its customers achieve a healthy lifestyle through its all-in-one health and wealth management app, Pulse.
Asia Awards 2021
The company also received the International Life Insurer of the Year honors in the Insurance Asia Awards 2021 and bagged four Golden Arrows awards for strong corporate governance given by the Institute of Corporate Directors. It topped the Million Dollar Round Table ranking among local insurance companies for the year.
Pru Life UK continues to expand and train its salesforce. The company has over 30,000 agents, which is the largest insurance salesforce in the country.
Pru Life UK was set up in 1996, and two years on in 1998, it achieved a top 10 position among life insurance companies based on first-year premiums. It is one of the first companies allowed by the IC to issue dollar-denominated policies and the first to offer unit-linked or investment-linked life insurance products in the country.
Categories: Business Features