Pru Life UK ranks No. 1 life insurer in IC industry ranking

British life insurer Pru Life UK claimed the top spot among life insurers in the Philippines in terms of New Business Annual Premium Equivalent (NBAPE) for the year 2020 based on Insurance Commission’s (IC) ranking.

Citing data from the IC, Pru Life UK said Thursday it recorded a total NBAPE of P7.95 billion last year, which represents a 3.7% increase from the company’s NBAPE in 2019.

“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,” said Pru Life UK president and CEO Antonio de Rosas.

The IC has adopted NBAPE, a global standard, to measure the Philippines’ life insurance industry’s sales performance more accurately.

The measure helps the government insurance body compare companies’ new sales by considering the two payment methods used in the industry, namely regular premium and single premium also known as single-pay or one-time pay.

Pru Life UK said its total net premium income of P30.9 billion, a 14% increase from P26.9 billion in 2019.

Meanwhile, the IC said the country’s life insurance industry as a whole recorded a 5.9% growth in premium income to P247.7 billion in 2020 from P233.9 billion in 2019.—AOL, GMA News