Pru Life UK remains strong on its 25th year as it claims number 1 spot[1] in life insurance industry ranking for 2020
Pru Life UK has been introducing innovations in the industry since its inception in the Philippines in 1996. Its rich history of product and service excellence for Filipinos now culminates with a number one spot, according to the Insurance Commission’s latest ranking of local life insurers in terms of New Business Annual Premium Equivalent (NBAPE) in 2020.
The timing of this momentous feat could not have come better as this year, Pru Life UK also celebrates its 25th year. Befitting its new position and landmark anniversary, it offers customers more reasons to celebrate with the company through a weeks-long treat.
25th Anniversary Celebration, raffle bonanza
To celebrate its silver anniversary and number 1 success, Pru Life UK currently holds the We DO Health & Wealth: 25th Anniversary Celebration, featuring a 25-week free raffle bonanza.
Pru Life UK President and CEO Antonio ‘Jumbing’ De Rosas
“Last year was especially challenging because of the pandemic, but thanks to the remarkable resilience and strength of our people, coupled with the continued loyalty of our new and existing customers, we thrived. This celebration is our simple way of thanking our customers for letting us be their trusted life insurance partner for two-and-a-half decades. In the years to come, we will continue to uphold our promise to be a company that listens and responds to the financial needs of our fellow Filipinos on their journey to achieve their health and wealth goals, and helps them get the most out of life,” added Pru Life UK President and CEO Antonio “Jumbing” De Rosas.
The 25-week raffle draw will award over P6 million worth of prizes to more than 600 winners, including a grand prize winner of P2.5 million cash, 25 winners of an iPhone 12 mini and 24 winners of an e-gift certificate worth P2,500.
Participants can join via the Pulse app available for free on the Apple Store and Google Playstore. Users can increase their chances of winning by being active on the app. Official announcements will be posted on Pru Life UK’s website and official Facebook page one day after the draw.
Rising to the Challenge of the pandemic
As one of their initiatives amidst the COVID-19 pandemic, Pru Life UK embraced digital solutions and channels early on to propel its business further and expand its customer touchpoints. In 2020, it introduced Pulse. As a wellness ecosystem, the app educates and encourages users to lead a healthy lifestyle, enables them to interact with each other and offers rewards for completing health-related challenges. At the height of the pandemic, the company offered free Personal Accident insurance and COVID-19 protection through Pulse as an additional measure to safeguard users against the virus. As of today, the app has been downloaded over four million times.
In 2020, Pru Life UK was also the first insurer to operate digitally, with nearly 100% work-from-home capability. It also further promoted Pulse for customers to easily access digital life protection solutions and payments safely. Meanwhile, the company’s agency force grew by 21% from 2019 to over 44,000 agents in 2020.
New products and services for Filipinos
Pru Life UK continues to provide its customers protection against COVID-19 with its latest PRUPersonal Accident with COVID-19 and vaccine protection cover for adverse reactions that is valid for one year. This free insurance is available to the first 250,000 registrants on the Pulse app before May 31. It is the first-of-its-kind that offers the most comprehensive coverage in the industry. It builds on the company’s free Personal Accident and COVID-19 protection that was launched in April last year, with the added extension of post COVID-19 vaccination coverage.
Another first in the market, Pru Life UK launched its latest health protection product designed for the independent and empowered women in our lives, the PRUHealth Prime – Select Breast Cancer, through Pulse.
The PRUHealth Prime – Select Breast Cancer comes in two packages. With a one-time premium of P150, a lump sum amount of P10,000 is provided upon diagnosis. Meanwhile, a one-time premium of P425 offers a lump sum amount of P10,000 upon diagnosis and a guaranteed amount of P20,000 when undergoing Mastectomy or Lumpectomy. It is the first cancer-specific product offered in the market, and is valid for one year.
Last month, Pru Life UK also introduced two new optional supplemental critical illness (CI) benefits or riders, the Select Top 42 and Select 523 Critical Illness riders, to PRUHealth Prime. The new feature is an insuravest plan with critical illness coverage against all forms of cancer.
The Select Top 4 Critical Illness Benefit provides for top 4 covered late-stage critical illness conditions, while the Select 52 Critical Illness Benefit provides for 52 covered late-stage critical illness conditions.
Customers who are availing of PRUHealth Prime but would want to be covered against other critical conditions can purchase either of the two new critical illness riders during the new business application process and/or after policy issuances.
Pru Life UK is #1 For NBAPE
Meanwhile, in a disclosure by the Insurance Commission (IC), Pru Life UK 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 Mr. De Rosas.
According to a media statement by the IC, 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.
The IC has adopted NBAPE, a global standard, to measure the Philippines’ life insurance industry’s sales performance more accurately. This yardstick helps the government body compare companies’ new sales by considering the two payment methods used in the industry — regular premium and single premium (also known as single-pay or one-time pay). A life insurer’s NBAPE is calculated by adding the value of regular premiums from products sold in a given year (or the initial annualized premiums) and 10% of single premiums written in the same period.
Pru Life UK first entered the top 10 list of life insurance companies in terms of First-Year Premiums in 1998. In 2007, it hit the P1-billion mark in terms of Annualized Premium Equivalent, a 130% growth from the previous year. Thirteen years later, it is now on top of the leaderboard, with a total net premium income of P30.9 billion, a 14% increase from P26.9 billion in 2019.
Pru Life UK’s unaudited Quarterly Reports on Selected Financial Statistics (QRSFS) for NBAPE in 2020 have been submitted and will be made available on the IC website https://www.insurance.gov.ph. For more information about Pru Life UK’s offerings and the raffle bonanza, visit www.prulifeuk.com.ph.
[1] In terms of New Business Annual Premium Equivalent (NBAPE) for 2020