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Leading life insurer Pru Life UK is the new number one among life insurers in the Philippines in terms of New Business Annual Premium Equivalent (NBAPE) for the year 2020.

In a disclosure by the Insurance Commission (IC) today, Pru Life UK recorded a total NBAPE of Php 7.95 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 Pru Life UK President and CEO Antonio “Jumbing” 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 Php 247.7 billion in 2020 from Php 233.9 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.

Source: prulifeuk. com. ph

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