Philippine Prudential not related to troubled Prudentialife

ABS-CBN News

Posted at Feb 10 2012 04:31 PM | Updated as of Feb 11 2012 12:34 AM

MANILA, Philippines - Philippine Prudential Life Insurance Company, Inc. (Philippine Prudential) said it was not connected in any way to the troubled Prudentialife Plans Inc. (PPI).

This comes after the Insurance Commission issued a stay order on Prudentialife Plans, as the pre-need company seeks approval for its rehabilitation plan.

“Philippine Prudential Life Insurance Company, Inc. is financially sound, as it remains to be a stable and strongly capitalized company, duly-licensed by our government regulator, the Insurance Commission," Philippine Prudential President and CEO Gregorio D. Mercado said.

"Our valued Policyholders can be assured that their interests are protected with the Company’s financial strength and business expertise.  We remain focused on the daily execution of our business and continue to provide our clients with the highest levels of service, as we continue to expand and write new business, while remaining committed to meeting our policyholders’ needs."

Founded in 1963, Philippine Prudential is a 100% Filipino-owned financial services company that provides diversified products such as endowment plans, whole life plans, group and permanent plans, healthcare coverage, educational and pension policies and credit life insurance.

As of December 31, 2010, it has total assets of over P681 Million, representing a 16.2% over the previous year. Total equity is at P228.9 million, while its total premium income is recorded at P890 million.

The total amount of claims paid is P88.47 million for the year, while its legal policy reserves, the funds invested to be used for future claims, is at over P351 million.Total investments are at over P351.47 million.