PRU LIFE Insurance Corp. of UK Philippines (Pru Life UK) booked a variable premium income of P22.5 billion and a total new business annual premium equivalent (NBAPE) of P4.8 billion in the first semester, it said on Tuesday.
“The company achieved the highest new business annual premium equivalent and ranked first in total premium income from variable life insurance products, replicating its success from the first quarter,” Pru Life UK said in a statement.
It noted that NBAPE is a key performance metric for evaluating life insurers’ sales.
“We are delighted to maintain our position as the number one life insurer in the Philippines, reflecting our dedication to delivering quality insurance protection to our customers. Our continued success in achieving the highest NBAPE in the second quarter reaffirms our commitment to innovation, customer trust, and building a financially resilient society,” Pru Life UK Chief Finance Officer Francis P. Ortega said.
Pru Life UK has over 170 branches and general agency offices in the Philippines, with a life insurance agency force of more than 38,000 licensed agents.
It booked a premium income of P46.19 billion and a net income of P4.36 billion in 2023, ranking second overall, data from the Insurance Commission showed. Its variable premium income stood at P45.65 billion that year, the highest in the sector.
Pru Life UK also posted an NBAPE of P10.54 billion in 2023, ranking first among life insurers. — AMCS
