Life insurer Pru Life UK is set to introduce a Shariah-compliant Family Takaful product, aiming to provide the Muslim Filipino community with accessible and affordable insurance.
Pru Life UK secured its Takaful license in the last quarter of 2024. While the company has not provided a specific launch date, it indicated that the product could be available as early as the second quarter of this year.
Alongside its Takaful offering, the Prudential plc subsidiary is expanding its portfolio with new health and protection solutions designed to help more Filipinos achieve their financial goals.
“As we continue our journey of providing accessible and relevant insurance solutions to more customers, we look forward to strategic partnerships that will expand our reach, as well as innovative and targeted products and enhanced services,” said Sanjay Chakrabarty, president and CEO of Pru Life UK.
Strengthening the distribution network
The company’s growth strategy also includes strengthening its distribution network through new partnerships. Pru Life UK currently has more than 39,000 agents and approved 11,000 claims amounting to ₱2.2 billion in 2024.
“The trust of close to one million policyholders inspires us to protect more Filipinos,” said Rozanne Magararu, chief customer and marketing officer of Pru Life UK.
According to the latest Insurance Commission report, Pru Life UK led the industry in New Business Annual Premium Equivalent (NBAPE) with ₱9.8 billion in 2024. The company posted a 33% quarter-on-quarter growth in Q4 2024, extending its lead over its closest competitor to 8.87%.
Pru Life UK’s total premium income rose to ₱48.2 billion, up from ₱46.2 billion in 2023, while its risk-based capital ratio strengthened to 491% from 453% in the previous year. This strong financial performance highlights the company’s resilience and ability to navigate market fluctuations.