Pru Life UK hosts luncheon for UK Trade Envoy

MANILA, Philippines – 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.

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About Pru Life UK

Established in 1996, Pru Life UK is a subsidiary of British financial services giant Prudential plc. Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products, and is one of the first life insurance companies approved to market US dollar-denominated unit-linked policies in the country. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.

Headquartered in the United Kingdom, Prudential plc has an extensive network of life insurance and mutual funds operations around the world covering Europe, the United States (US) and 14 markets in Asia. Its regional office, Prudential Corporation Asia, is based in Hong Kong. Prudential plc has around 24 million insurance customers worldwide and manages £562 billion of assets as of 30 June 2016.

Pru Life UK and Prudential plc are not affiliated with Prudential Financial, Inc. (a US-registered company), Philippine Prudential Life Insurance Company, Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered companies).

For more information: www.prulifeuk.com.ph

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