Insurer Pru Life UK earned the highest value in new business annual premium equivalent (NBAPE) last year at P9.8 billion, with a 33 percent surge in the fourth quarter.

NBAPE considers both lump sum payments for single premium accounts and regular payments for regular premium accounts.

Pru Life attributed the NBAPE growth to high demand for its investment-linked life insurance called variable life insurance, which brought the firm P82.3 billion in premium income.

Meanwhile, insured clients reached nearly 1 million.

Due to the growing number of Filipinos interested in investing, Pru Life expanded its product range through PRUFlexi Income Fund and PruMillion Flex.

Short instrument

PruMillion Flex is a short-term investment which requires a minimum annual premium of P250,000 the client can  pay over two years under flexible terms: monthly, quarterly, semi-annually, or annually.

It allows a big portion of the client’s fund to be allocated to investments compared to life protection.

PRUFlexi Income Fund offers monthly income from reinvestments in the JPMorgan Investment Fund which takes advantage of bond interests and equity dividends from global businesses.

“Being the industry leader in new business premiums underscores our commitment to being Filipinos’ partner for every life and protector for every future,” Pru Life UK chief financial officer Francis Ortega said.