Pru Life UK retains number one position in life insurance industry ranking for 2021

The life insurer recorded a total NBAPE of Php 8.83 billion for 2021.

11 Apr 2022

Chief Executive for Prudential in Asia and Africa Nic Nicandrou (left) congratulated Pru Life UK for being the top insurer in the country during his visit to the Philippines. As part of his three-day visit, Nicandrou met with Insurance Commissioner Dennis B. Funa (right), together with Pru Life UK’s President and CEO Eng Teng Wong to reiterate his commitment to support the insurance industry, promote financial inclusion, and further Environment, Social and Governance initiatives in the Philippines.

Pru Life UK maintains its number one 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 Php 8.83 billion last year, a significant increase of 11 per cent from the company’s NBAPE of Php 7.95 billion in 2020.

Pru Life UK President and CEO Eng Teng Wong said, “I am delighted to announce that we have retained the number one position in the industry for 2021. I sincerely thank and congratulate all Pru Life UK employees, agency leaders, agents, and distribution partners for their unwavering commitment to helping many more Filipinos and families get the most out of life.”

The IC has also stated that the country’s life insurance industry as a whole achieved a 12.9 growth in NBAPE to Php 52 billion in 2021 from Php 46 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 per cent 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 in 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.

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 insurance companies for the year.

Pru Life UK continues to expand and to 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.

Pru Life UK’s unaudited Quarterly Reports on Selected Financial Statistics (QRSFS) for NBAPE and Premium Income in 2021 have been submitted and made available at the IC website.