Professional Documents
Culture Documents
Department of Accountancy
Research Paper
Presented to
In Partial Fulfillment of
SUBMITTED BY:
Mhico Sarmiento
The legacy of Pru Life UK started in January of year 1996 when Pru Life was instituted as Pru Life
insurance company. Established in May 1948 and was founded in Hatton Garden in London,
Prudential Plc. has an extensive network of life insurance and mutual funds operations around
the world, active in United Kingdom. Its former name was The Prudential, Investment, Loan, and
Assurance Association and in September 1848 changed its name to The Prudential Mutual
Assurance, Investment, and Loan Association. It was given a license to operate in the Philippines
in the month of June, of the same year. The first policy was issued in the first of September the
same year.
In year 1997, the company was one of the first companies allowed to issue Dollar related policies;
and in year 1998, two years after the company was established, it was ranked among the top 10
life insurance company in the Philippines in terms of first year premium.
Three years after being one of the top 10 life insurance companies in the country, Pru Life UK was
named as the fastest growing insurance company in the Philippines, with a 63% growth rate. Also,
in the same year, the company acquired all state life Philippines, a fellow insurance company.
In year 2002, the company introduced the Pru Link Investor account, pioneering the unit linked
or investment linked life insurance in the country. That same year, the company acquired ING
life Philippines.
Pru Life UK had three major achievements in the year 2007. First one is that they gained 130%
growth rate from the previous year, reaching the Php 1 Billion in terms of Annualized Premium
Equivalent. Second is that the Million Dollar Round Table (MDRT) agents reached an all-time
high. Third is the company expanded its distribution network through establishing Partnership
Distribution Division. This is to include partner banks and brokers.
In 2009, the Pru Life UK placed third in the Chairman’s Challenge Prudential plc.’s global
volunteering program for their Gawad Kalinga felicity village. It a program that recognizes
projects that made the greatest impact to communities.
In the year 2010, the Regional Headquarters of Prudential Corporation Asia (PCA) as the fastest
growing prudential company. Back in 2006 it was awarded as fastest growing insurance company
in the Philippines.
During their 15th anniversary in the country in 2011, they gave a treat to the MRT commuters by
offering free rides as a thanksgiving for the public. September of the same year, the PCA
produced the musical – educational cartoon “Cha-Ching”, that teaches children financial literacy.
It was launched in the Cartoon Network, airing in the South East Asia, including the Philippines.
The following year, 2012, Pru Life UK launched the Pru Link Asian Local Bond Fund. It is the
first of its kind in the Philippine Market that allows the Filipino consumers to rely on foreign
funds from Asian economies. During January of the same year, Pru Life UK launched the Cha -
Ching financial literacy for youth program as a part of the PCA’s financial literacy program, Cha-
Ching. In April, the company 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 schools namely the Tagaytay Central School in Tagaytay City and Upper
Bicutan Elementary School in Taguig City, for the school year 2012-2013. Also, that same year,
the Pru Life UK Sealed a partnership deal with Standard Chartered Bank that established the
Assurance Solutions Insurance Agency, Inc. It marked the 11th alliance between Prudential
Corporation Asia and Standard Chartered Bank in Asia.
They also launched PRUlink Asian local bond, the first of its kind in the Philippine market. The
Man from the PRU was relaunched as the group’s regional branding campaign, and it is now the
icon of the Pru Life UK and they promise to provide the best kind of service that consumers need.
In 2014 the first US dollar-denominated payout-based fund, were launched and the company's
customer portal, was initiated. In 20th anniversary of PRU life UK that’s 2016, the company
launch of its most innovative and best-selling product, PRUlink elite protector 5.
II. Map & Organizational Structure of their Philippine Branch
BOARD OF DIRECTORS
Henry Joseph Henry Joseph Herrera is known as the
President and CEO of a financial
Herrera
service company, Sun Life of Canada
Chairman (Philippines), Inc., from January 2007
to July 2009 and have been working in
the Insurance Company for over 30
years. He first appointed to become a
CEO in May 2009 with Philippine
Asia Life Assurance Corporation.
CORPORATE OFFICERS
Antonio “Jumbing” Mr. De Rosas’ previous roles includes
G. De Rosas being Senior Vice
President and Chief President and Chief Finance Officer
Executive Officer and Head of Information Technology
for the Philippine and Hong Kong
operations and He has extensive
experience in business and finance.
Last August 03, 2018, our group went to Ortigas Center, Pasig City where one of the
Pru Life UK branch is located specifically in the 30 th floor of Wynsum Corporate Plaza.
We looked for Mrs Maribel E. Dolores, the Unit Manager, for our scheduled interview.
We asked her several questions about the strength, weaknesses, opportunities, and threats
of the business. According to her, Pru Life UK became the pioneer in investment-linked
life insurance products in the Philippines. She also said that the company is the number
one leading insurance company providing relevant products like Elite Product that only
Pru Life UK can offer. Pru Life UK belong to Life Underwriters Association of the
Philippines (LUAP) which means it is affiliated with other insurance companies. Mrs
Dolores said that employees are given trainings before they officially become part of the
company and everyone undergoes different seminars plus all of them are given chance to
go to other counties as their incentives. Since they are in the 30th floor of building their
location have a very big advantage because other companies occupies the building too.
She said that Pru Life UK continuously expand as time pass by. Unfortunately, other
insurance company have advertisements that Pru Life UK don’t prioritize. Sadly, the
company still receives rants and complaints from some clients when there are problems
in the market and delay in their receipts. She said that this kind of problems may arise in
the company but they still can guarantee the investment of their clients so they make time
to explain everything to them. Pru Life UK also improve itself through motivating agents
for upcoming seminars and they continue to provide products that would be really
helpful for clients. Although they receive a lot of clients, some still choose to look for other
insurance companies to diversify the money that they want to invest. Mrs Dolores gave
us her overwhelming welcome to us when we finished the interview by touring us around
the place.
August 05, 2018 we had an online interview with Mr Lester Sancho Tayaba, the
Assistant Unit Manager, who helped us to schedule our interview with Mrs Dolores. We
respect his decision to make it online chat rather than a video chat so we just asked him
to give us a picture together with Mrs Dolores. During our Interview, We asked him the
same question.
According to Mr Lester Tayaba, “Our mother company Prudential PLC is already 168 year old
in the industry and they branch out in the Philippines in 1996. Even though we are new in the
Philippines, we are considered as one of the top insurer in the country. Amongst the life insurer
companies in the land, we pioneered the investment linked insurance called Variable Universal Life
(VUL) in the country. In terms of how we handle the business, we are ranked one in Corporate
Governance awarded by Insurance Commission. Consistently, we exceeded the target for Risk -
Based Capital ratio to mitigate the insolvency and default which is now at 1939%. This just means
that if all policy holders will claim simultaneously, the company can still run the business. Also,
Pru Life UK has the biggest Agency Force in the industry with 22000 plus agents. ” He said that
Pru Life UK needs to check the feasibility of having other portfolios that will help the need
of their clients such as mutual funds and HMO. Right now, they are in the process getting
license to offer Unit Investment Trust Fund which will have a better options for our clients.
He believes that any changes from the government will get an impact on the company.
For example if the government will allow other foreign insurer to penetrate in the land,
that will add to competition which might affect the sales of the company. But, the
company is ready for any of it for any possible changes that's why Pru Life UK keep on
innovating to be more competitive. Mr Tayaba proudly said that “We don't have a fixed
salary. What we have is a weekly commission. I won't resign from my day job if I am not
totally satisfied with what I am getting each week and the potential income I will surely
get.” At the end of our conversation, We humbly thanked him for making time for the
interview no matter how hectic his schedule is.
IV. SWOT Analysis
Negative client’s
New and Lack of Ability to
complaints
Relevant products Advertisement continuously
Clients
Continous growth for popularity expand
diversification of
of the business Delay of receipts Strong future
money to
Belongs to LUAP of clients growth
different
to be affiliated Feasibility of Creation of
Insurance
with other having other stronger demand
Company
companies portfolios that In progress to get
Sudden down of
Trained and will help the need license to offer
the market
skilled employees of clients Unit Investmenr
Possible entry of
with Bacalauriat Trust Fund which
more competitors
Degree will have a better
Changes in the
Location options for our
government that
Advantages clients
might affect the
Good facilities Access to
sales of the
Satisfaction of International
company.
Employees to markets
Innovation of
their commission
other insyrance
and incentives
company
References:
V. Documentation
REFERENCES:
https://www.prulifeuk.com.ph/export/sites/prudential-ph/.galleries/PDF/Pru-Life-UK-
2016-Annual-Report.pdf
https://www.prulifeuk.com.ph/en/our-people/management/executive-committee/
https://www.prulifeuk.com.ph/en/our-people/management/board-of-directors/
https://www.prulifeuk.com.ph/en/our-people/management/board-of-directors/
https://www.prulifeuk.com.ph/en/our-company/
https://www.prudential.co.uk/about-us/our-history/timeline-prudential-over-the-
years/1962-today