PRU Life UK ranked No. 1 in the life insurance industry in the Philippines, garnering the highest New Business Annual Premium Equivalent (NBAPE) as reflected in the recently released Insurance Commission report as of December 31.

The report showed that Pru Life UK achieved an impressive NBAPE of P10.54 billion for 2023, representing 11 percent growth. NBAPE served as the universally accepted performance metric, used to assess sales performances of the life insurance industry in the Philippines.

Pru Life UK also led in total premium income from variable life insurance products, amounting to over P45.7 billion as of December 31.

With over 42,000 digitally empowered agents and 1.7 million lives assured, Pru Life UK strengthened its market leadership, reflecting the company's unwavering commitment to being the most trusted partner and protector of many Filipino families.

Pru Life UK also attributed its industry success to good corporate governance. It cemented itself as a beacon of responsible business practices in the Philippines.

The consistent growth of Pru Life UK was aligned with that of its parent company, Prudential PLC, which recorded a 45-percent increase in new business profit to $3.1 billion as of December 31.

The company recently launched PRULove Wealth, a single premium product designed to provide Filipinos life insurance coverage while also allowing them to earn returns.

The plan uniquely offered 4-percent guaranteed annual cash payout, 100-percent cash back and up to 125-percent insurance coverage.