Pru Life UK has boosted its position as top life insurer in the Philippines, based on its performance for 2024. According to the Insurance Commission, the insurer reported a new business annual premium equivalent (NBAPE) of P9.8 billion, leading the industry and marking a 33 percent quarter-on-quarter growth in Q4 2024. This development extended its lead over the closest competitor by 8.87 percent.
The insurer’s total premium income also increased to P48.2 billion, up from P46.2 billion in 2023, while its risk-based capital ratio rose to 491 percent, demonstrating its strong financial health. “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 chief financial officer.
Pru Life UK’s growth was driven by innovative products like PRULifetime Income3 and PRUMillion Flex3 offering.
This year the company plans new health and protection solutions. Additionally, as the first Takaful operator in the Philippines, Pru Life UK is set to introduce an affordable, Shariah-compliant Family Takaful product aimed at the Muslim Filipino community.
The insurer’s growth is also attributed to its vast network of over 39,000 agents and a strong claims approval record, having processed over 11,000 claims worth P2.2 billion in 2024. Looking ahead, Pru Life UK is focused on expanding its reach through strategic partnerships and new products.
“As we continue our journey of providing accessible and relevant insurance solutions, we look forward to expanding our reach,” stated Sanjay Chakrabarty, president and CEO.
