Pru Life UK has solidified its position as the leading life insurer in the Philippines, with its outstanding business results and strengthened commitment to providing affordable and accessible financial solutions to more customers and communities.
The insurer has the highest New Business Annual Premium Equivalent (NBAPE) at PHP9.8 billion in 2024, according to the latest Insurance Commission report. 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 PHP48.2 billion, up from PHP46.2 billion in 2023, while its risk-based capital ratio strengthened to 491%, up from 453% in the previous year. This robust financial performance underscores the company’s resilience and capacity to thrive amid market fluctuations.
“Our strong business performance reflects our commitment to addressing the evolving needs of Filipinos with the right insurance products at the right time,” said Francis Ortega, Pru Life UK’s Chief Financial Officer. “We remain committed to sustainable growth anchored on innovative and customer-centric solutions.”
Some of the recent products that contributed to the insurer’s strong business are PRULifetime Income3, a limited-pay insurance that guarantees 5% annual payout and 200% lifetime protection and PRUMillion Flex3, a limited-offer investment-linked insurance plan payable in two years.
In 2025, Pru Life UK will expand its portfolio with new health and protection solutions to help more Filipinos achieve their financial goals.
As the first Takaful operator in the Philippines, Pru Life UK is preparing to introduce its first affordable, Shariah-compliant Family Takaful product to meet the protection needs of the Muslim Filipino community.
Pru Life UK’s Chief Customer & Marketing Officer Rozanne Magararu shared, “The trust of close to one million policyholders inspires us to protect more Filipinos.” She also shared that more than 11,000 claims amounting to PHP2.2 billion were approved in 2024. “This underscores the company’s commitment to fulfilling its promise to customers,” she added.
These results would not be possible without the dedication of its extensive network of more than 39,000 agents.
The company’s growth strategy also includes strengthening distribution channels through new partnerships this year.
“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.
As the company marks its 29th year in the Philippines, Pru Life UK remains confident in its future trajectory and steadfast in its mission to be the most trusted health protector and life partner.
