IMPRESSIVE GROWTH OF PRU LIFE uk

          For the past three years, Pru Like UK Philippines affirmed that its premium income has grown by an average of 78 percent, capped by the remarkable 33.33-percent growth as of last year.

          It was noted that in 2009, premium income was recorded at Php 3.5 billion, Php 7.8 billion in 2010, and it grew to Php 10.4 billion last 2011. The enormous leap in premium growth catapulted Peru Life UK from sixth largest insurer in 2009 to fourth largest in 2010.

          The growth in premium income was attributed to the strength of its agency force and indirect relations with foreign banks.

          “We were able to achieve these level of sales without a bancassurance distribution network,” said Antonio Manuel G. de Rosas, Pru Life UK chief executive officer for the Philippines.

          Pru Life UK operates solely on its 3,000-strong agency force and a brokerage arrangement with Citi and the Hongkong and Shanghai Banking Corporation (HSBC). Of the first-year premiums last year, the agency force accounted for roughly 60 percent of total while the brokerage arrangement accounted for the remaining 40 percent. Meanwhile, declared net profit grew from Php 640 million in 2010 to Php 682 million last year.

          First-year premiums, including single premiums, reached Php 8.1 billion while renewal premiums, those collections made from existing policies, amounted to Php 2.3 billion. First-year premiums are first-time policies written, while single premiums are policies that require one-time payments. # Alerto Research Team