Pru Life UK Leads Philippine Life Insurance Market with Record Growth

Pru Life UK has solidified its position as the leading life insurer in the Philippines, achieving the highest New Business Annual Premium Equivalent (NBAPE) of PHP9.8 billion in 2024, according to the latest Insurance Commission report.

The company posted a 33% quarter-on-quarter growth in Q4 2024, widening its lead over its closest competitor to 8.87%. Total premium income increased to PHP48.2 billion from PHP46.2 billion in 2023, while its risk-based capital ratio improved to 491% from 453%.

Driving its strong performance were products like PRULifetime Income3, which offers a 5% annual payout and 200% lifetime protection, and PRUMillion Flex3, a limited-offer investment-linked insurance plan.

In 2025, Pru Life UK plans to expand its portfolio with new health and protection solutions, including its first Shariah-compliant Family Takaful product to serve the Muslim Filipino community.

The insurer approved over 11,000 claims amounting to PHP2.2 billion in 2024, reinforcing its commitment to policyholders. Its extensive network of over 39,000 agents remains instrumental in its growth strategy.

Pru Life UK is also strengthening distribution channels through new partnerships and remains focused on delivering accessible insurance solutions. As it marks its 29th year in the Philippines, the company is poised for continued growth and innovation.