Pru Life UK backs DOF reforms to widen access to life insurance

With more Filipino families seeking stronger financial protection amid a rapidly evolving economic landscape, Pru Life UK backs DOF through a meeting with the Department of Finance to help advance policy discussions that support a more resilient, inclusive, and sustainable life insurance sector.

During the courtesy meeting with DOF Secretary Frederick Go and Assistant Secretary Kristine Joy Diaz-Teston, Pru Life UK leaders, spearheaded by President and Chief Executive Officer Sanjay Chakrabarty, discussed targeted regulatory reforms that can strengthen the industry while improving access and customer experience for Filipino consumers.

The dialogue reflects shared priorities around financial inclusion and economic resilience. It reinforces Pru Life UK’s role as a committed public-private partner in supporting national development goals and long-term household security.

During the meeting, key policy areas discussed included:

• Making it easier for banks to offer life insurance and related products, improving customer experience and widening access.
• Reviewing life insurance tax rules to help keep protection affordable and support long-term financial security.
• Updating investment rules under the Insurance Code to strengthen the industry stability and support sustainable long-term returns.

These reforms can help broaden insurance reach, strengthen consumer protection, and enable the life insurance sector to contribute more meaningfully to inclusive economic growth, supporting families, communities, and national development.

“Our engagement with the Department of Finance reflects our shared goal of making long-term financial protection more accessible to more Filipinos, while ensuring the life insurance sector remains strong, stable, and sustainable.”

Said Chakrabarty.

“We look forward to continued collaboration and policy dialogue that supports responsible growth, strengthens consumer outcomes, and advances a more resilient and inclusive insurance landscape for the
Philippines.”

Pru Life UK remains committed to partnering with government and regulators to help drive reforms that Filipinos can Count On to improve experience, strengthen industry foundations, and support broader efforts to build a more financially secure and resilient Philippines.

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