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Life insurer Pru Life UK, a subsidiary of Prudential plc, has renewed its license to operate and sell life insurance products in the Philippines.
In a ceremony, Antonio De Rosas, president and chief executive officer of Pru Life UK in the Philippines, received its certificate of authority from the country’s Insurance Commissioner, Dennis Funa.
Read more: Pru Life Philippines launches policy to help close protection gap
Pru Life was first granted a license to operate in 1996. Since then, the insurer, has expanded to over 130 retail branches across the Philippines, with a life agency force of more than 20,000 licensed agents. Based on Insurance Commission data, Pru Life UK is ranked in the Philippines’ top three life insurers in terms of new business annual premium income.
The insurer is known in the Philippines as a pioneer of insuravests – or life insurance products with investment components. The insurer is also among the first life insurers approved to market US dollar-denominated insuravest policies in the country.
