History and Milestones
Pru Life UK is one of the leading life insurance companies in the Philippines, with over 25 years of excellence in providing relevant and innovative life insurance products designed to meet the specific needs of the public. The pioneer and expert in investment-linked insurance products, Pru Life UK is driven by its commitment to always listen to and understand the financial
protection and wealth management requirements of the Filipino. Established in 1848, Prudential plc has an extensive network of life insurance and mutual funds operations around the world, active in the United Kingdom (UK), Europe, the United States (US) and 13 markets in Asia. It has 26 million customers worldwide and manages £351 billion in assets as of 31 December 2011. In the Philippines, Pru Life UK serves over 100,000 customers with a team of over 3,000 financial consultants offering an increasing portfolio of ordinary life, endowment*, personal accident and investment-linked products. In 2010, Pru Life UK was recognized as the fastest growing Prudential company in Asia by regional headquarters Prudential Corporation Asia (PCA).
1996-Pru Life UK was incorporated as Pru Life Insurance Corporation of U.K. in January, and the Insurance Commission granted the Company an operating license in the Philippines in June. The first policy was issued in September 1.
1997-The Company was one of the first to be allowed by the Insurance Commission to issue dollar-denominated policies.
1998-After only two years of operations, Pru Life UK was ranked among the top 10 life insurance companies in the Philippines in terms of First Year Premiums (FYP).
2001-Pru Life UK was named the fastest growing life insurer in the country with a 63% growth rate, first year ordinary life premiums.Pru Life UK acquired AllState Life Philippines.
2002-The Company pioneered unit-linked or investment-linked life insurance in the Philippines with the introduction of the PruLink Investor Account and acquired ING Life Philippines.
2004-The Company was recognized as the Outstanding Life Insurance Company in the 15th Annual National Consumers Awards by the Consumers Union of the Philippines.
2007-Pru Life UK hit the PhP1-billion mark in terms of Annualized Premium Equivalent (APE), a 130% growth from 2006.Million Dollar Round Table (MDRT) agent qualifiers reached an all-time high. The Company established its Partnership Distribution division, expanding its distribution network to include partner banks and brokers.
2009-Pru Life UK placed third in the Chairman’s Challenge Prudential plc.’s global volunteering program that recognizes projects that made the greatest impact to communities, for the Pru Life UK - GawadKalinga Felicity Village.
2010-Pru Life UK was awarded as the fastest growing Prudential company in Asia by regional headquarters Prudential Corporation Asia (PCA).
2011-Pru Life UK became the first private company in the Philippines to offer Metro Rail Transit (MRT) commuters free rides, a thanksgiving treat to the public on its 15th anniversary in the country.The Cha-Ching musical edutainment cartoon series was launched over Cartoon Network in Southeast Asia, including the Philippines, by PCA in September. It is the first multi-country, multi-platform financial literacy program for children.
2012-Pru Life UK launched the PruLink Asian Local Bond Fund, the first of its kind in the Philippine market, allowing Filipino consumers to piggyback on offshore funds from Asian economies. Pru Life UK launched the Cha-Ching Financial Literacy for the Youth Program in January, an offshoot of PCA’s landmark financial literacy program, the musical edutainment show Cha-Ching. In April, Pru Life UK signed a Memorandum of Agreement with the Department of Education to integrate the Cha-Ching Financial Literacy for the Youth Program in the grade 2 curriculum of two pilot schools – Tagaytay Central School in Tagaytay City and Upper Bicutan Elementary School in Taguig City, for the school year 2012-2013.Also, sealed a partnership deal with Standard Chartered Bank establishing the general agency Assurance Solutions Insurance Agency, Inc., marking the 11th alliance between Prudential Corporation Asia and Standard Chartered Bank in Asia.
2. Vision, Mission and Business Philosophies
Mission and Vision
We take the risk out of people’s lives. We are the trusted leaders who listen and respond to the financial needs of the Filipino people. We are committed to:
• dealing honestly and fairly with our public;
• exceeding customer expectation in services and products;
• caring for the well-being and development of our people;
• giving a fair return to our stakeholders; and
• contributing to the development of the Filipino community. Our Guiding Principles
• We maintain and develop the Company’s reputation for integrity, fair dealing and security.
• We work as a team, as a family, unified in purpose, treating each other with respect and care i in an atmosphere of mutual trust and in a happy working environment.
• We promote the art of listening as it is only in listening to the needs of our customers that we can know and understand their specific needs.
• We communicate openly and constantly with our customers and our own people.
• We develop ourselves continually to our fullest potential to keep improving the quality of everything we do.
• We maintain a strong financial position to meet our promise of financial stability to all our customers.
• We are accurate and timely.
• We have a strong sense of responsibility and will work toward the achievement of the Philippines’ economic goal.
• PruFIRST
Our Logo
Prudence, one of the four cardinal virtues, is an enduring symbol of Prudential since 1848, when a painting of Prudence by Sir Joshua Reynolds was used as the company seal. The face of Prudence is a longstanding symbol of integrity and security for Prudentialplc and its subsidiaries, and a representation of the virtue of wise conduct that the Company aims to instill among its customers and the public. Rendered by Wolff Olins as a current corporate mark to suit modern sensibilities, the stylized Prudence still bears the icons of the timeless virtue – combining knowledge of the past, present and future to act with the authority merited by memory, intelligence and foresight. Serpent- ancient symbol of wisdom
The Arrow- signifying strength of purpose
The mirror- seeing the world and oneself as they really are
3. Current Products/Services Situations
Pru Life UK saves and protects your life's goals with wide range of comprehensive plans. You will be able to tailor-fit protection benefits according to your needs and budget. While giving you peace of mind against life’s uncertainties, our products also accumulate savings that will get you through unexpected financial bumps and make your money work for you. Pru Life UK is the pioneer and expert in unit-linked or investment-linked products in the Philippines. Unit-linked policies are life insurance products that provide living and death benefits and are ‘linked’ to investment funds. With investment funds managed by Eastspring Investments Singapore (Limited), take confidence in the experience of one of Asia’s most awarded fund-management companies.
4. Strategic directions
In 2010, Pru Life UK's new business sales grew 109% year-on-year, according to results published by Prudential pic. Across the Asia region, Prudential pic announced 24% growth in new business sales for the year, with the Philippine business delivering the highest growth as a percentage. OUR GOAL
To secure and enhance the economic future of Filipino families and enable them to save systematically to achieve their dreams. OUR SUCCESSES
Typhoon Yolanda relief and rebuilding effort
In response to the disaster in the Philippines following Typhoon Yolanda (International code name: Haiyan), the Prudence Foundation, the charitable arm of Hong Kong-based Prudential Corporation Asia(PCA), has pledged US$2 million to support the immediate relief and long term recovery effort in the affected areas. Cha-Ching is a financial literacy program that provides a platform for 7 to 12 year old children to learn (with their parents) the knowledge, tools and practice they need to make informed financial decisions to reach their own personal goals and dreams. Pru Life UK signed a Memorandum of Agreement with the Philippine Department of Education in April 2012 for the integration of the Cha-Ching Financial Literacy for the Youth Program in the Grade 2 curriculum. They already conducted the Cha-Ching Financial Literacy Teachers’ Training for partner public schools all over the Philippines
Pru Life UK extends money-smart learning in Central Luzon with CLARION School
British life insurer Pru Life UK deepens its commitment to financial literacy in Central Luzon through a partnership with Christ’s Love and Righteousness Over the Nation School (CLARION), Inc., Malolos, Bulacan to incorporate Cha-Ching lessons in their Grade 2 curriculum. The CLARION School is the sixteenth private education institution to integrate the Cha-Ching Financial Literacy for the Youth Program in their grade school syllabus, and the 35th overall. Pru Life UK will provide all materials and assistance necessary for the full and effective implementation of the program, including comprehensive financial literacy training for the teachers. Prudence Foundation, Pru Life UK increase disaster preparedness in Cebu through 'Noah's Ark'
British life insurer Pru Life UK, through its charitable arm, Prudence Foundation, partnered with the Corporate Network for Disaster Response (CNDR) to support the provincial-wide implementation of the 'Noah's Ark', a Disaster Risk Reduction and Management (DRRM) project in Cebu. Launched in 2010, Noah’s Ark aims to increase the capacity of local governments and high-risk communities to prepare for and cope with disasters resulting from flooding. It is currently being implemented in different communities across the nation, including Marikina, Rizal, Muntinlupa, Bacolod, Cagayan de Oro and Iligan. The project will then culminate in an actual community flood drill to test the effectiveness of their contingency plan. OUR PRIORITIES
British life insurer Pru Life UK recently signed the Integrity Initiative, a multi sector, global advocacy that promotes ethical and transparent business practices, good corporate governance and the creation of fair market conditions."Pru Life UK has always been an organization that follows the highest standards of doing business and follow not only local rules and regulations, but also adhere to the business principles laid out by our parent company in the United Kingdom, Prudential pic.
