August 24, 2024 | 12:00am
MANILA, Philippines — Pru Life UK led the insurance industry in terms of new business annualized premium equivalent (NBAPE) in the second quarter.
In a statement, Pru Life said it retained its spot among life insurers based on NBAPE as of end-June.
NBAPE is a global standard used to determine the sales performance of life insurance companies in the country.
During the period, Pru Life recorded a NBAPE of P4.8 billion, accounting for 14 percent of the industry’s total NBAPE of P33.25 billion.
Amid innovative offerings, Pru Life also led in terms of total premium income from variable life insurance products with P22.5 billion. This is the premium collected for existing policies.
Pru Life said its performance highlighted its market leadership and commitment to offering innovative, customer-focused insurance solutions.
Established in 1996, Pru Life UK is the pioneer of insuravest, or investment-linked life insurance products, in the Philippines and is one of the first life insurance companies approved to distribute dollar-denominated investment-linked life insurance policies in the country.
Since its establishment, Pru Life UK has expanded its reach to over 170 branches and general agency offices in the Philippines, with the largest life insurance agency force with more than 38,000 licensed agents.
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