Pru Life UK was ranked second (2nd) among life insurers in the Philippines in terms of New Business Annual Premium Equivalent (NBAPE) and Premium Income for the year 2019.
Pru Life UK recorded a total NBAPE of P7.67 billion in 2019 as disclosed by the Insurance Commission (IC). The company also obtained a combined total premium income of P26.97 billion for both traditional and variable life insurance products.
“I wish to congratulate and thank all PRULifers — our employees, agency leaders and agents — for their dedication in driving business success throughout the year. Their hard work has led the company to various achievements and milestones in 2019. In 2020, we will work together and continue to bring our commitment ‘We DO Lead’ to life,” Pru Life UK President and CEO Antonio G. De Rosas said.
According to a statement issued by the IC, the life insurance industry recorded a 10.64 percent year-on-year increase in NBAPE to P57.55 billion in 2019 from P52.02 billion in 2018.
A life insurer’s NBAPE is calculated by obtaining the sum of the value of regular premiums from products newly sold in a specific year (or the initial annualized premium) and 10 percent of the single premiums written. The IC has adopted an international standard to measure the life insurance industry’s sales performance in the Philippines more accurately.
Pru Life UK’s unaudited Quarterly Reports on Selected Financial Statistics (QRSFS) for NBAPE and Premium Income in 2019 have been submitted and made available at the IC website.