Pru Life UK’s Executive Vice President & Chief Financial Officer Francis Ortega, Pru Life UK’s Chief Customer and Marketing Officer Rozanne Magararu, and Pru Life UK’s President & Chief Executive Officer Sanjay Chakrabarty.
Pru Life UK has reinforced its position as the top life insurer in the Philippines through strong business results and a continued focus on offering accessible and affordable financial solutions to a growing number of customers and communities.
According to the latest report from the Insurance Commission, Pru Life UK recorded the highest New Business Annual Premium Equivalent (NBAPE) at PHP9.8 billion in 2024. The company achieved a 33% quarter-on-quarter growth in the fourth quarter of 2024, widening its lead over its nearest competitor to 8.87%.
The company’s total premium income increased to PHP48.2 billion from PHP46.2 billion in 2023. Additionally, its risk-based capital ratio rose to 491%, up from 453% the previous year, highlighting its financial strength and resilience amid market challenges.
“Our strong business performance reflects our commitment to addressing the evolving needs of Filipinos with the right insurance products at the right time,” said Francis Ortega, Chief Financial Officer of Pru Life UK. “We remain committed to sustainable growth anchored on innovative and customer-centric solutions.”
Products like PRULifetime Income3, a limited-pay insurance plan that guarantees a 5% annual payout and 200% lifetime protection, and PRUMillion Flex3, a two-year limited-offer investment-linked plan, played a key role in the company’s strong results.
Looking ahead to 2025, Pru Life UK plans to expand its offerings with new health and protection solutions to help more Filipinos achieve their financial objectives.
As the first licensed Takaful operator in the country, the company is also preparing to launch its first affordable, Shariah-compliant Family Takaful product to serve the protection needs of the Muslim Filipino community.
Rozanne Magararu, Chief Customer and Marketing Officer, highlighted the trust of nearly one million policyholders as a driving force for the company. She also noted that over 11,000 claims totaling PHP2.2 billion were approved in 2024, reflecting the company’s dedication to fulfilling its commitments.
The company credits its achievements to the support of its network of more than 39,000 agents.
This year, Pru Life UK also plans to enhance its distribution channels through new partnerships.
“As we continue our journey of providing accessible and relevant insurance solutions to more customers, we look forward to strategic partnerships that will expand our reach, as well as innovative and targeted products and enhanced services,” said Sanjay Chakrabarty, President and CEO of Pru Life UK.
Now in its 29th year in the Philippines, Pru Life UK remains confident in its growth prospects and committed to being the most trusted health protector and life partner.