British life insurer Pru Life UK, the wholly-owned Philippine subsidiary of British financial services firm Prudential plc, hosted a luncheon for visiting UK Prime Minister’s Trade Envoy to the Philippines Richard Graham, MP.
Held on 26 August in Cebu City, the luncheon gathered top executives of some British companies operating in the Philippines, whose businesses range from IT, telecommunications, manufacturing, to consulting. Also present were local business and government leaders of the city.
Pru Life UK President and CEO Antonio “Jumbing” G. De Rosas sees Mr. Graham’s recent appointment as Trade Envoy to the Philippines as a reaffirmation of the country’s rising importance as a trade and investment destination, underscored by the strengthened bilateral relationship between the Philippines and the UK. “With Mr. Graham’s appointment in January, the Philippines has been included in the list of emerging markets identified by the UK as having substantial trade and investment opportunities,” says Mr. De Rosas.
With regards to the choice of the British Embassy-Manila to assemble Cebu City’s top business and government leaders in the luncheon, Mr. De Rosas commented, “The further development of Cebu as a premier business hub is aligned with the Philippine government’s thrust to promote economic development outside of the capital. In our line of business - life insurance - Cebu has been a consistent market leader with an average annual growth rate of 14% in annual premium equivalent (APE) from 2009 to 2015,” he adds.
In 2015, Pru Life UK’s Cebu branches contributed PhP 567 million in APE, about 14% of the company’s total in APE for the year. Through its branches in Cebu, Pru Life UK provides a source of livelihood to more than 1,300 people.
Mr. Graham, who is concurrently the UK Prime Minister’s Trade Envoy to the ASEAN Economic Community, Indonesia and Malaysia, was in the country to meet officials from the government and business sectors to ensure stronger trade ties between the Philippines and the UK. His visit coincides with Pru Life UK’s 20th anniversary in the Philippines. In 1996, the Insurance Commission granted the British subsidiary the license to operate and sell life insurance in the country. Since then, Pru Life UK has expanded its reach to over 80 branches in the Philippines, with the biggest life agency force at 14,000 licensed agents, and has emerged as one of the top five life insurers. Pru Life UK is headquartered in Uptown Bonifacio, Taguig City.