MANILA – British life insurer Pru Life UK’s new business sales saw an increase of 16 percent in 2013, the company said on Monday.
Pru Life UK said new business sales, or annual premium equivalent (API), grew to P3.515 billion in 2013 compared to P3.035 billion in 2012.
API is the total first year premium income of new policies issued within a calendar year.
Agency new business sales accounted for 71 percent or P2.513 billion of total new business sales in 2013. The remaining P1.002 billion came from bancassurance and Credit Group Life (CGL) transactions.
“In 2013, regular premium (RP) and limited pay (LP) policies accounted for 63.47 percent of our total new business sales. We shifted our focus to RP/LP in line with our policyholders’ need for life insurance policies with a savings component. Through our RP and LP policies, our customers can build their savings through regular ‘top ups’ – on top of regular premiums – that can be invested in their chosen funds,” said Pru Life UK president and chief executive Antonio de Rosas.
Total gross premium income in 2013 also jumped 15 percent to P18.508 billion from P16.083 billion last year.
De Rosas said Pru Life UK will continue to strengthen its agency force in the Philippines.
“We are building and training the largest professional agency sales force in the Philippine life insurance industry, servicing the financial planning needs of our clients. We continue to broaden our innovative range of protection and savings options with new products and funds to satisfy an increasingly sophisticated insurance buying public,” he said.
Pru Life UK launched this year its Pru Life Care Series, which are yearly renewable term products that provide cash benefits to help cover the cost of treatment of life-threatening diseases or critical illnesses.
Pru Life UK senior vice president and chief marketing officer Belle Tiongco said the product is aimed “to effectively respond to the Filipino’s specific financial planning needs when a family member or a breadwinner becomes critically ill.”
“Medical expenses can drain our life savings. The Pru Life Care Series will help ease the financial strain when our loved ones undergo medical treatment,” she said.