Pru Life UK Achieves Significant Growth in New Business
According to recent data from the Insurance Commission (IC), Pru Life UK achieved a New Business Annual Premium Equivalent (NBAPE) of $170 million (₱9.8 billion) in the 2024 fiscal year. This marks the highest NBAPE among all insurers monitored by the IC.
The insurance company demonstrated substantial growth, with a 33% quarter-on-quarter increase in the fourth quarter, widening its lead over its closest competitor to 8.87%.
Variable Life Insurance Fuels Premium Income
Pru Life UK’s strong performance was significantly driven by its variable life insurance products. Premium income from variable life insurance reached $810 million (₱46.1 billion), while renewal premium income from variable life insurance totaled $630 million (₱36.2 billion). All conversions use an exchange rate of $1.00 = ₱57.27.
This data highlights Pru Life UK’s strong position in the market and its ability to attract and retain customers. The company’s focus on variable life insurance appears to be a key factor in its financial success.
