Philippine Prudential says 2011 gross premiums reach P1-B mark

Philippine Prudential Life Insurance Company Inc. reported it made P1.009 billion in total gross premiums last year.   “This represents an over 600 percent growth over the past five years. The company’s gross premiums in 2006 stood at P140 million,” Philippine Prudential said in a statement.   The insurer’s total assets reached P825 million, and its legal policy reserves — invested funds for future claims — totaled P405 million and while its investments reached P433 million.   “From a ranking of 24, we are now number 15 among all life insurance companies in the country and number five among all Filipino-owned life insurance companies,” Philippine Prudential president and CEO Gregorio D. Mercado said in the same statement.   Among the locally owned life insurers, Philippine Prudential said it is in the Top 5 ranking.   Philippine Prudential products include endowment plans, whole life plans, group and permanent plans, healthcare coverage, education and pension policies and credit life insurance.   Earlier, the company clarified it is not Prudential Life Plans Inc., against which the Insurance Commission issued a “stay order.”   Prudential Life is a pre-need company selling pension, education and memorial plans. In 2009, the Securities and Exchange Commission revoked its license and ordered Prudential Life to continue servicing its existing plans. — RRD/VS,GMA News