Philippines, surpassing all others in terms of New Business Annual Premium Equivalent (NBAPE) for the year 2020. According to the Insurance Commission (IC), Pru Life UK had a total NBAPE of P 7.95 billion last year, which is up 3.7 percent compared to the company’s NBAPE in 2019.
Antonio “Jumbing” De Rosas, Pru Life UK President and CEO, extended his wishes to the company. He said, “We are thrilled to finally announce that we are the new industry leader. 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”.
According to the IC press release, the country’s life insurance market as a whole had a 5.9% increase in premium income from P233.9 billion in 2019 to P247.7 billion in 2020. Pru Life UK also became the first insurer in the UK to operate virtually in 2020, with 100% work-from-home capacity. It also encouraged Pulse, a platform for digital life protection and payments that aims to improve client ease and safety. At the same time, the company’s agency strength increased by 21% to over 44,000 agents last year, compared to 2019.
De Rosas expressed delight over the new achievement and appreciated the company employees as well as the customers for their support. He said, “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”.
