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TO ALL OUR VALUED POLICYHOLDERS, PARTNERS AND THE GENERAL PUBLIC

Posted December 7th, 2010 in Corporate News by Employee


December 6, 2010

TO ALL OUR VALUED POLICYHOLDERS, PARTNERS AND THE GENERAL PUBLIC

In response to concerns about our Company being featured in ABS-CBN’s “XXX” TV program, the Management of Philippine Prudential Life Insurance Company, Inc. wishes to clarify that:

  1. We were featured on this TV program due to a new client who changed her mind and wanted to cancel her policy with us. When she could not immediately get her refund, she panicked and sought the help of “XXX,” a public service program. Hence, we were featured in that show. Please note, however, that this had a happy ending, since the matter was already resolved to that person’s satisfaction.

  2. While she was initially happy with her purchase, she was apparently unprepared for the cost considerations and the effect on her budget. Unfortunately, the cancellation process takes some time and involves the turn-around time of the client’s bank or credit card issuer. This person demanded an immediate refund, which could not be expedited right away as she had hoped for.

  3. We wish to emphasize that the issue and concerns of this person have been addressed and resolved to her satisfaction. Her policy has already been cancelled.


We at Philippine Prudential Life Insurance Company, Inc., therefore, wish to assure you that:

  1. Our Company has always been a reputable, stable and strong 100%-Filipino-owned life insurance company, duly-licensed by our government regulator, the Insurance Commission (IC). Thus, our Company and our products continue to have the blessing and support of the IC, which has rigid standards for the operation of any life insurance company.

  2. As a valued Policyholder, you can be assured that our Company remains financially strong and capable of meeting its maturing obligations when they fall due or on demand. Your interests are protected because we have continuously practiced prudent and disciplined financial management and have maintained well-invested and managed funds that are readily available to meet policyholder needs. Today, our Business-In-Force is at over 51 Billion Pesos, with Total Assets at over 586 Million Pesos and Total Investments at over 340 Million Pesos. Premium Income this year has already surpassed 650 Million Pesos, while we have, to-date, paid out over 65 Million Pesos in Claims.

  3. More importantly, our Legal Policy Reserves, the funds invested to be used in future claims, are at over 280 Milllion Pesos. We recently announced in major newspapers that we continue to post impressive growth in our business and financial strength. Thus, despite global and local business difficulties, we are financially stable and will continue to provide value-added products and services to Filipinos everywhere, while meeting all obligations to our over 1.5 Million Policyholders.

As we approach our 48th year of sterling, trustworthy and continuous service, we are totally committed to fulfill our vision and mission to help Filipinos everywhere live a more secured life, notwithstanding current events and issues.

Such issues are on a case-to-case basis and should not be seen as a reflection on our Company as a whole. While a few clients have cancelled their policies for their personal reasons, the great majority of them continue to have the utmost trust and confidence in Philippine Prudential Life Insurance Company, which continues to be a leader in innovation and growth in the life insurance industry.

We have been internationally recognized and awarded the prestigious Superbrands status for our standards of excellence and the quality of our products and services. And, as a responsible Corporate Citizen, we continue to be actively involved in numerous worthwhile advocacy programs.

Again, we reaffirm our commitment to continue to be of service and to fulfill all of our obligations.

Thank you.

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