Saturday, March 29, 2008 Company introduces new investment package
With Cebu getting 25 percent of its nationwide market, Pru Life UK chose to hold its first economic briefing for this year with its Cebuano customers.
Pru Life president and chief executive officer Nishit Majmudar, in a visit to Cebu City last Wednesday, said that although Cebu does not always necessarily come first, the company will always have the city in mind.
Pru Life also chose Cebu to launch its newest product, Pru Millionaire, a variable fund which allows customers to invest in high yielding bonds or equities.
“We are doing very well in Cebu and among our three branches, Cebu is the top branch.” Majmudar said.
Pru Life hit the one billion mark last year for annualized premium equivalent or a 130 percent growth rate.
With this growth, Antonio de Rosas, Pru Life senior vice president, said that there is still a big market to break in since life protection plans in the country is only at one percent penetration rate.
Part of the factors why the company attained such a high growth rate is due to the customers becoming “sophisticated” with what they want to do with their money.
“People are getting more knowledgeable,” said Belle Tiongco vice president for marketing services. She added that customers continue to look for better opportunities after people realized that the banks are not growing their money.
“Although banks will make your money ‘safe,’ they will never support the financial goals of the customers,” said Majmudar.
While the company has already diversified its products into insurance-investment packages, Majmudar said Pru Life will still continue to have life protection plans as its main product.
Majmudar also encouraged those with long-term financial goals to avail of Pru Millionaire since it is the kind of investment that can grow within a seven-to 10-year period.
Pru Millionaire is described as a single premium unit-linked plan, which allows the policy holder to invest in funds like fixed-income securities, shares listed on the Philippine Stock Exchange and also in US dollar-denominated fixed income instruments issued by international units. DME
