Insurer Philippine Prudential says it isn’t the shuttered Prudential Life Plans

Insurer Philippine Prudential Life Insurance Company Inc. on Friday said it is financially sound and has got nothing to do with the shuttered pre-need Prudentiallife Plans Inc. other than the name Prudential. “Philippine Prudential Life Insurance Company Inc. is financially sound, as it remains to be a stable and strongly capitalized company, duly-licensed by our government regulator, the Insurance Commission,”  Philippine Prudential president and chief executive officer Gregorio Mercado said in an e-mailed statement.  “[P]olicyholders can be assured that their interests are protected with the company’s financial strength and business expertise,” he added. Philippine Prudential said its statement follows the “customer and public concern” about the looming liquidation of Prudentiallife Plans in the coming weeks, noting it has “no filial or business relationship whatsoever” with Prudentiallife Plans. According to the Insurance Commission (IC), pre-need companies offer or sell pre-need plans—education, pension or memorial—while insurance companies offer life insurance like accident and health insurance and non-life insurance for cars, houses and other properties. The list of licensed pre-need and insurance firms can be checked at the IC website. Philippine Prudential has over 1.8 million policy holders, and is backed by over P833 million in assets as of end-2011, the company said. In February last year Prudentiallife Plans was told to suspend payment on all claims pending action from the IC on its proposed relief and rehabilitation. In 2009, Prudentiallife plans lost its license and permit to sell new plans after failing to maintain sound financial condition. — Siegfrid O. Alegado/VS, GMA News