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Life insurer Pru Life UK is the new number one among life insurers in the Philippines in terms of New Business Annual Premium Equivalent (NBAPE) for the year 2020.
In a disclosure by the Insurance Commission (IC) recently, the company recorded a total NBAPE of P7.95 billion last year, which represents a 3.7 percent increase from 2019.
“I extend my congratulations to our PRULifers—agency leaders, agents, distribution partners, and employees for their relentless commitment to our We DO promise of delivering our products and services with excellence. More importantly, I express our utmost gratitude to all our policyholders for their continued trust in the company,” said Pru Life UK president and CEO Antonio “Jumbing” De Rosas.
A life insurer’s NBAPE is calculated by adding the value of regular premiums from products sold in a given year (or the initial annualized premiums) and 10 percent of single premiums written in the same period.
Pru Life UK first entered the top 10 list of life insurance companies in terms of First-Year Premiums in 1998. In 2007, it hit the P1-billion mark in terms of Annualized Premium Equivalent, a 130 percent growth from the previous year. Thirteen years later, it is now on top of the leaderboard, with a total net premium income of P30.9 billion, a 14 percent increase from P26.9 billion in 2019.
25 years of success
This significant achievement coincides with Pru Life UK’s 25th anniversary this year. To celebrate its success, Pru Life UK currently holds the We DO Health & Wealth: 25th Anniversary Celebration, featuring a 25-week free raffle bonanza.
“Last year was especially challenging because of the pandemic, but thanks to the remarkable resilience and strength of our people, coupled with the continued loyalty of our new and existing customers, we thrived. This celebration is our simple way of thanking our customers for letting us be their trusted life insurance partner for two and a half decades. In the years to come, we will continue to uphold our promise to be a company that listens and responds to the financial needs of our fellow Filipinos on their journey to achieve their health and wealth goals, and helps them get the most out of life,” added De Rosas.
Participants simply need to download Pulse and use its features to earn raffle entries. Users can increase their chances of winning by being more active on the app.
The 25-week raffle draw will award over P6 million worth of prizes to more than 600 winners, including a grand prize winner of P2.5 million cash, 25 winners of an iPhone 12 mini and 24 winners of an e-gift certificate worth P2,500. Official announcements can be found on Pru Life UK’s website and official Facebook page one day after the draw.
Meanwhile, Pru Life UK continues to provide its customers protection against COVID-19 with its latest free PRUPersonal Accident with COVID-19 and vaccine protection cover for adverse reactions valid for one year, issued on a complimentary basis to the first 250,000 registering via Pulse before May 31. This free insurance, a first-of-its-kind that offers the most comprehensive coverage in the industry, builds on the company’s free Personal Accident and COVID-19 protection launched in April last year and was extended to offer post COVID-19 vaccination coverage.
Pru Life UK’s unaudited Quarterly Reports on Selected Financial Statistics (QRSFS) for NBAPE in 2020 have been submitted and will be made available on the IC website. For more information about Pru Life UK’s offerings and the raffle bonanza, visit www.prulifeuk.com.ph.
Editor’s Note: This article was provided by Pru Life UK.