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Philippine Prudential Life Posts 34.52% Sales Hike In 3rd Quarter

Posted November 2nd, 2010 in Corporate News by Employee

Manila, Philippines, 26 October 2010 — Philippine Prudential Life Insurance Company, Inc. (Philippine Prudential), the industry leader in innovation and growth, announced at a briefing today that its Gross Premiums as of the end of the Third Quarter of 2010 grew by 34.52% over the same period last year, thus affirming the Company’s continued impressive growth trajectory that began five years ago.

 

Philippine Prudential’s Gross Premiums, as of end of September 2010, are at over Php 649.74 Million versus Php 483.02 Million in the same period of 2009. Meanwhile, Total Amount of Claims Paid, as of end of the Third Quarter of 2010, is at Php 64.69 Million, representing a 4.22% increase versus same period last year of Php 62.07 Million.

 

“We are greatly pleased with these results and look forward to seeing these improve further by year-end,” Philippine Prudential President and Chief Executive Officer Gregorio D. Mercado stated. “Over the years, we have seen steady growth and expansion, keeping us solid and stable. However, it has been in the last five years that our Company’s hard work and prudent management have brought about not just impressive, but rather, spectacular results, despite recent worldwide and local business challenges.”

 

At the end of 2009, the Company’s Total Premium Income reached over Php 680 Million. This was a 38.6% growth over the previous year and a 323% growth since 2005. Total amount of Claims paid was at over Php 65 Million. Total Policyholders reached over 1.5 Million, while its Business-In-Force grew to over Php 51 Billion. Its Total Assets reached over Php 586 Million, representing a 22% growth over the previous year or a tremendous 192% over a span of five years. Net Income was recorded at Php 24 Million, or a 217% growth over five years. Total Equity was at over Php 191 Million, from merely Php 139 Million in 2005, or a five-year growth of 37%, while the Legal Policy Reserves, the funds invested to be used for future claims, was recorded at over Php 281 Million, or an increase of Php 52 Million from previous year. As of December 31, 2009, Total Investments were at over Php 341 Million.

 

“As we approach our 48th year of sterling, trustworthy and continuous service, Philippine Prudential will continue to serve the best interests of our more than 1.5 Million Policyholders and their families, as we continue to grow our businesses passionately and enthusiastically,” Mr. Mercado added.

 

Mr. Mercado also emphasized that Philippine Prudential is a reputable 100% Filipino-owned financial services company committed to providing the best financial advice and diversified and affordable products — such as endowment plans, whole life plans, group and permanent plans, healthcare coverage, educational and pension policies and Credit Life Insurance — to its valued clients through its multiple and accessible distribution channels.

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