Pru Life UK helps survivors of Yolanda rebuild houses-A A +A
Monday, September 1, 2014
PRUDENTIAL Corporation Asia (PCA), of which Pru Life UK in the Philippines is part of, is the largest life insurance network in Asia in terms of sales. The company has captured a 12 percent market share in the Philippines, an official said.
Pru Like UK president and chief executive officer Antonio G. de Rosas told Sun.Star Cebu that PCA is ranked 5th largest in the world in terms of market capitalization.
De Rosas was in Cebu City to lead 80 volunteers who are building houses for typhoon Yolanda survivors in Sta. Fe, Cebu, said that they have 550,000 employees and agents in Asia alone.
De Rosas, who is also a trustee of Prudential’s charitable arm, Prudence Foundation that financed the long-term assistance to typhoon survivors, said that in the Philippines, Pru Like UK has 50 branches nationwide with 12,000 agents. Three branches are in Cebu with 600 agents.
“Pru Life UK is patronized by millions of Filipinos so that some of our agents who have a network of clients are earning more than the income of a CEO,” De Rosas said.
He said they could name their life insurance business in the Philippines as Prudential because another company had already registered the same name with the Securities and Exchange Commission (SEC) before they established Pru Life UK in 1996.
Pru Like UK, de Rosas said, is a subsidiary of British financial services giant Prudential plc, a United Kingdom registered company. Its regional headquarters, Prudential Corporation Asia is based in Hongkong.
Pru Life UK, de Rosas said, is the pioneer and current market leader of unit-linked or investment-linked life insurance products, and is one of the first life insurance companies approved to market US-dollar denominated unit-linked policies in the country.
He said Prudential Corporation Asia comprises the life insurance and asset management operations or Prudential plc in Asia. Its main office is in the United Kingdom and its first life branch in Asia was established in 1923.
De Rosas said their life insurance footprints span 13 markets in Asia such as the Philippines, Cambodia, China, Hongkong, India, Indonesia, Japan, Korea, Malaysia, Singapore, Taiwan, Thailand and Vietnam, with over 12 million customers.
While doing business around the world, Prudential Corporation Asia established the Hongkong-based Prudence Foundation to consolidate its long-term commitment to serve Asian communities especially those hit by calamities such as typhoon Yolanda.
At present, Prudence Foundation volunteers are building houses in Sta. Fe town in Bantayan Island, Cebu for distribution to those who lost their homes battered by Yolanda.
Published in the Sun.Star Cebu newspaper on September 02, 2014.