According to a report issued by the Insurance Commission (IC), Pru Life UK recorded a total NBAPE of Php 5.39 billion during the second quarter, resulting to an 18% increase as compared to the same period last year. Furthermore, the country’s life insurance industry as a whole also attained a 10% year-on-year growth, reaching a total NBAPE of Php 29.50 billion.

Through strict enforcement of persistency standards for our insurance agents as well as launching various business-focused initiatives, the company continued to top the market position in terms of total renewal premium income from variable life insurance products with Php 15.84 billion, maintaining its leadership position since 2021.

“We dedicate this remarkable milestone to our customers, employees, agency force, and partners. Pru Life UK will continue to live up to our mission to be the most trusted partners and protectors by providing simple and accessible financial and health solutions for every life, for every future,” said Eng Teng Wong, Pru Life UK President and Chief Executive Officer.

With over 40,000 digitally-empowered agency workforce, Pru Life UK is committed to driving up financial inclusion in the country, especially targeting the unserved and underserved communities.Last year, the company launched PRUHealth FamLove, a first-of-its-kind critical illness protection insurance product accessible to all Filipino families of different types and sizes, including same-sex or common-law partners, parents, and adoptive families.

As a testament to our dedication of excellence to the Philippines market, Pru Life UK was also conferred the International Life Insurer of the Year for the Philippines for three straight years, and included in the Philippines’ Best Customer List 2023 by Statista.To learn more about Pru Life UK and its initiatives, please visit www.prulifeuk.com.ph.

Wong will lead the organization’s role in engaging, building and expanding a sustainable digital finance ecosystem. His leadership also aims to push online and digital platforms as a tool to raise awareness about insurance protection and make it more accessible to Filipinos.

“As the current InsurTech Committee Chairman of the FinTech Alliance Philippines, I am excited to spearhead discussions and concerted initiatives that leverage mobile and online apps and platforms to drive up financial/insurance awareness, literacy and inclusion in the country. Across the Philippines, we are digitally empowering over 33,000 Pru Life UK financial advisors to reach and bless more Filipino families,” shares Pru Life UK President & CEO Eng Teng Wong.

Pru Life UK released a commissioned independent policy paper in 2022 called “InsurTech: Driving Broader Insurance Access,” which aims to give a better understanding of how insurtech such as online shopping platforms can be maximized to broaden Filipinos’ access to life and health protection products. The paper was authored by leading law firm Romulo Mabanta Buenaventura Sayoc & de los Angeles. Link to the copy of the paper is here.

Pru Life UK has been recognized as the number one life insurer by the Insurance Commission in terms of New Business Annual Premium Equivalent (NBAPE) for 2020 and 2021 and led in the renewal premium income from variable life insurance products ranking in 2021.

FinTech Alliance Philippines is the country’s leading and largest digital trade organization generating over 90% of digital-initiated transactions in the Philippines today.

This new fund is available for a limited offer period to customers with moderate to aggressive risk appetite and medium-to-long-term financial goals.

PRULink Cash Flow Fund Plus is invested in a diversified portfolio consisting primarily of US high-yield bonds and Asian bonds that provide higher coupons or income, allocated by the fund manager within the range of 25% to 65%. 

On top of global bonds, up to 20% of the fund is invested in global stocks, which is another source of income through dividends and is usually an indicator that the company has a sustainable record of profitability and financial strength.*

The fund is expertly managed by Eastspring Investments, recognized as the Asset Management Company of the Year in the ASEAN region by The Asset Triple A Sustainable Investing Awards in 2021. Eastspring Investments have been managing PRULink Funds since 2002.

“Our mission is to help Filipinos achieve financial security through our innovative and customer-centric products ranging from life to health protection and investments,” Pru Life UK President and CEO Eng Teng Wong shares. “We are confident that the combination of our 33,000-strong digitally empowered agency force, digital assets, and like-minded partner ecosystems will further enable us to help many more Filipino families live healthier and wealthier.”

Achieve wealth goals

PRULink Cash Flow Fund Plus is exclusively for customers who will avail a new peso-denominated PRUMillionaire or PRULink Investor Account Plus for a limited time. Both are one-time pay investment-linked life insurance plans that help customers achieve their medium-to-long-term financial goals while giving them guaranteed insurance protection.

PRULink Cash Flow Fund Plus takes off from the successful PRULink Cash Flow Fund USD and PHP-hedged share classes, which were introduced to the market in 2014 and 2018, respectively. Since launch, these funds have consistently hit their target of 4% payout annually.

“As we all celebrate this holiday season, we encourage everyone to be wiser in spending their hard-earned money. Fitting as a gift to our valued customers, we are launching the PRULink Cash Flow Fund Plus as their new fund option – most specially for those looking for capital growth and potential regular source of cash, amid these volatile times,” says Pru Life UK Vice President for Investment Marketing Mark Anthony Valino.

To know more about Pru Life UK and PRULink Cash Flow Fund Plus, please visit prulifeuk.com.ph 

Note: * The underlying assets of the Fund are not limited to the above and may

change for diversification and asset allocation purposes at the discretion of

the Fund Manager.

Pru Life UK bagged the International Life Insurer of the Year-Philippines recognition in the Insurance Asia Awards for the second consecutive year. The company’s innovations, new products and partnerships, including its community investment initiatives were recognized by the organization as it stood out among its peers who were nominated in the same category in the Philippines. 

Insurance Asia Awards is a prestigious awards program that recognizes the most outstanding insurance companies in Asia for their remarkable innovations. 

“We are truly grateful and inspired by this honor from the Insurance Asia Awards. I attribute this recognition to our employees, agency workforce and other distribution partners who tirelessly work and innovate to fulfill our purpose of helping many more Filipinos get the most out of life,” said Pru Life UK President and Chief Executive Officer Eng Teng Wong.

The award is another milestone for Pru Life UK as it leads the life insurance industry in terms of New Business Annual Premium Equivalent based on the Insurance Commission’s official ranking in 2020 and 2021. 

Over the past year, the Company strengthened its efforts to promote financial inclusion through providing simple, accessible, and affordable life and health insurance products on its pioneering AI-powered app, Pulse. It also offered free COVID-19 protection with vaccine side effects coverage in the health and wealth management app Pulse in 2021.

Pru Life UK also formed strategic partnerships to expand its reach and offer insurance protection to more Filipinos in the country. With the customers’ safety and convenience in mind, the Company renewed its partnership with Robinsons Bank and partnered with CIMB Bank to develop more innovative digital financial products and services, which are even more essential amid the pandemic. It also expanded its sales agency offices in Metro Manila, and several provinces in the country.

Outside the country, a notable partnership with Prudential Cambodia allowed more than 7,000 Filipinos in Cambodia and their families to have access to PRUMySafety, a digital protection product covering customers against the risk of road accidents which is available on Pulse.

“We are further motivated to drive up financial inclusion even more across the Philippines, including Overseas Filipino Workers. As one Pru Life UK family with all our distribution partners, we continue to expand our reach and protect more lives, especially the underserved and unserved Filipinos,” said Wong.

This year, the Company has onboarded on popular e-commerce platforms GCash and Shopee and made more bite-sized protection products available on Pulse.

It also opened PRUHouse, its agile and dynamic workplace in Ortigas early in the year, to create adaptable workspaces fit to the different workstyles of its growing sales force.

To know more about Pru Life UK, please visit its website at www.prulifeuk.com.ph or its official facebook page at https://www.facebook.com/prulifeukofficial/.