Pru Life UK records P10b in new business annual premium equivalent

Premium income from variable life insurance generated $810m.

Pru Life UK recorded a New Business Annual Premium Equivalent (NBAPE) of $170m (₱9.8b) in fiscal year 2024, data from the Insurance Commission (IC) showed.

The insurer said this was the highest NBAPE amongst other insurers monitored by the IC.

The company posted a 33% quarter-on-quarter growth in the fourth quarter, widening its lead over the nearest competitor to 8.87%. 

Pru Life UK’s premium income from variable life insurance generated $810m (₱46.1b), whilst renewal premium income from variable life insurance reached $630m (₱36.2b). 

($1.00 = ₱57.27)