Philippine Prudential clarifies: It isn’t Prudential Life Plans
This is in response to customer and public concern following a current news report that Prudential Life Plans was issued a “stay order” by the Insurance Commission of the Philippines.
Philippine Prudential Life Insurance Company Inc. remains stable, financially strong and capable of meeting all of its obligations, as a duly licensed life insurance company by the Insurance Commission.
Philippine Prudential, founded in 1963, continues to be an industry leader in innovation and growth in the life insurance industry in the country.
It is a reputable 100-percent Filipino-owned financial services company committed to providing the best financial advice and diversified and affordable products such as endowment plans, whole life plans, group and permanent plans, healthcare coverage, educational and pension policies and Credit Life Insurance to its valued clients through its multiple and accessible distribution channels, through a nationwide sales office network manned by over 1,200 sales agents and employees.
Now celebrating 49 years of sterling, trustworthy and continuous service, Philippine Prudential continues to grow and serve the best interests of its more than 1.5-million policyholders and their families, with over P57 billion business-in-force. As of December 31, 2010, it has total assets of over P681 million, which represents a 16.2-percent growth over the previous year or a tremendous 272 percent over a span of five years.
Total Equity is at over P228.9 million, from merely P139 million in 2005, or a five-year growth of 63.60 percent. Net Income is recorded at P23.86 million or a 210-percent growth over five years. Its Total premium income is recorded at over P890 million, a 31-percent growth over previous year or a 454-percent growth since 2005. Total amount of claims paid is over P88.47 million for the year while the legal policy reserves, the funds invested to be used for future claims, is recorded at over P351 million, or an increase of P69 billion from previous year. Total investments are at over P351.47 million.
Philippine Prudential has been awarded the prestigious Superbrands status, making it the only life insurance company to be given this distinction for two consecutive years: for the 2009-2010 awarding period and, again, for the 2011-2012 awarding period. In addition, the company recently received a special recognition from the Insurance Commission for its valuable contributions and efforts in the field of microinsurance during its “Gabi ng Parangal at Pasasalamat sa mga Tagapagtaguyod ng Microinsurance.”
According to Philippine Prudential president and CEO, Gregorio D. Mercado, “Philippine Prudential Life Insurance Co. Inc. is financially sound, as it remains to be a stable and strongly capitalized company, duly licensed by our government regulator, the Insurance Commission. Our valued policyholders can be assured that their interests are protected with the company’s financial strength and business expertise.
We remain focused on the daily execution of our business and continue to provide our clients with the highest levels of service, as we continue to expand and write new business, while remaining committed to meeting our policyholders’ needs.” — Philippine Prudential Life Insurance Co. Inc.