Pru Life UK to offer more traditional insurance products

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March 21, 2026 | 12:00am

MANILA, Philippines — Pru Life UK is set to roll out more traditional insurance products, but the Middle East crisis is expected to weigh on customers’ purchasing power, potentially delaying policy uptake.

In a media roundtable, the insurer said it is looking to increase its traditional product mix, which accounted for 15 percent of its total business in 2025.

For 2026, Pru Life UK is also looking to launch health products to improve insurance penetration.

Pru Life UK said it garnered the highest new business annualized premium equivalent (NBAPE) among life insurers for the fifth time.

It ranked second in total premium income from variable life insurance products.

NBAPE is a global standard used to determine the sales performance of life insurance companies in the Philippines.

In 2025, the insurer recorded an NBAPE of P10 billion, up by two percent from P9.8 billion a year ago.

Its total premium income rose by 10 percent to P52.8 billion, cornering a 13 percent market share.

Pru Life UK senior adviser to the CEO Francis Ortega said the company is banking on the diversification of its products.

“I think in terms of sustaining leadership, we have 35,000 agents in the country. They are mainly organic and 35,000 agents will still be there and can continue to grow. That will drive our business going forward,” Ortega said.

Pru Life UK chief investment officer Princess Balingit said the Middle East crisis, which is seen to drive up inflation could cause a delay in premium uptake.

“If we put this into their minds, that protection is something that we need, then the demand will still be there,” Balingit said. “It’s just that the purchasing power will be curved.”