Pru Life UK Reports Strong Financial Performance with Record NBAPE
Pru Life UK has announced a significant financial achievement, reporting the highest New Business Annual Premium Equivalent (NBAPE) at $166.6 million (₱9.8 billion) for 2024. This success reflects the company’s robust performance and strategic focus on providing suitable insurance products.
The company’s total premium income also experienced substantial growth, reaching $819.4 million (₱48.2 billion), a notable increase from $785.4 million (₱46.2 billion) in 2023. This indicates a strong upward trajectory for the company. Furthermore, Pru Life UK demonstrated considerable quarter-on-quarter growth during the fourth quarter of 2024, with an increase of 33%. This growth widened its lead over its closest competitor to 8.87%.
Chief Financial Officer Francis Ortega attributed the strong financial results to Pru Life UK’s commitment to providing the appropriate insurance products at the right time for its clients. During 2024, the company successfully approved over 11,000 claims, totaling $37.4 million (₱2.2 billion). This highlights the company’s dedication to supporting its customers and meeting their insurance needs efficiently.
These figures reflect Pru Life UK’s ongoing success in the Philippine insurance market and its ability to provide reliable and relevant insurance solutions.
