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Pru Life UK dominates Philippine life insurance sector, ousts Sun Life

Pru Life UK emerged as the Philippines’ top life insurance seller in 2023, edging out Sun Life of Canada Philippines by P472 million.

According to the Insurance Commission, Pru Life UK’s New Business Annual Premium Equivalent (NBAPE) reached P10.54 billion, an 11% increase year-on-year. Sun Life of Canada Philippines lagged behind at P10.06 billion in sales.

Variable life insurance accounted for the majority of Pru Life UK’s sales (P10.33 billion), with traditional insurance making up only P205 billion.

The company attributed this success to its extensive digital agent network, generating P45.7 billion in premium income from variable products covering 1.7 million lives.

“We aim to be the most trusted partner and protector for this generation and generations to come by providing simple and accessible financial and health solutions,” said Francis Ortega, Pru Life UK’s chief finance officer.

The company aims to be a trusted partner by offering accessible financial and health solutions.

Pru Life UK mirrors the growth of its parent company, Prudential plc, which saw a 45% jump in new business profit.

It recently launched PRULove Wealth, a product offering life insurance with potential high returns, including guaranteed payouts and increased coverage (subject to terms).

Established in 1996, Pru Life UK was a leading force in investment-linked life insurance offerings. It boasts the country’s largest agency force of over 42,000 licensed agents and operates over 170 branches nationwide.

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