The Philippine Prudential Life Insurance Company, Inc. (PPLIC) is a leader in innovation and growth in the life insurance industry in the country. Founded on February 18, 1963 by the late businessman and philanthropist, Daniel L. Mercado, Sr., the Company is now run by his grandson, Gregorio D. Mercado, as its President and Chief Executive Officer. Known in the industry as “George,” Mr. Mercado is the past president (2008) of the Philippine Life Insurance Association (PLIA), the organization of all life insurance companies in the Philippines, and is currently the President of the Insurance Institute for Asia and the Pacific (IIAP). The Chairmanship of PPLIC is now held by the founder’s son and former Company President, Daniel M. Mercado, Jr.
PPLIC is a reputable 100% Filipino-owned financial services company committed to providing the best financial advice and diversified and affordable products — such as endowment plans, whole life plans, group and permanent plans, healthcare coverage, education and pension policies and Credit Life Insurance — to its valued clients through its multiple and accessible distribution channels.
Now on its way to celebrating 48 years of sterling, trustworthy and continuous service, PPLIC continues to serve the best interests of its more than 1.5 Million Policyholders and their families, with over Php 51 Billion Business-In-Force. Despite recent worldwide business challenges, the Company, through its prudent management, continues to enjoy solid financial standing. As of December 31, 2009, it has Total Assets of over Php 586 Million, which represents a 22% growth over the previous year or a tremendous 192% growth over a span of five years. Total Equity is at over Php 191 Million, from merely Php 139 Million in 2005, or a five-year growth of 37%. Net Income is recorded at over Php 24 Million, or a 217% growth over five years. Its total Premium Income is recorded at over Php 680 Million, a 38.6% growth over previous year or a 323% growth since 2005. Total amount of Claims paid is over Php 71.8 Million for the year, while the Legal Policy Reserves, the funds invested to be used for future claims, is recorded at over Php 281 Million, or an increase of Php 52 Million from previous year. Total Investments are at over Php 341 Million.
Distribution remains to be a core strength, as the Company constantly invests in its agency force, now numbering over 1,200, and in putting up sales offices to extend services in key cities nationwide. Its six Distribution Channels — Traditional Individual, Group Marketing, Direct Marketing, Retail Marketing, Telemarketing and Alternative Marketing — are fully committed and dedicated to helping Filipinos everywhere live a more secured life.
As an industry innovator, PPLIC pioneered in Mortgage Redemption Insurance, also known as Credit Life Insurance, where the face amount matches the loan balance of a bank borrower at any given time and is designed so that the loan will be paid off in full in the event of death of the Insured/Borrower. It also pioneered in organizing groups of life insurance companies as a pool to handle a program of protection for select customers.
In 2009, it was awarded with the prestigious Superbrands status, making it the only life insurance company to be given this distinction for the 2009-2010 awarding period.
As a responsible Corporate Citizen, PPLIC is actively involved in worthwhile advocacy programs, such as Gawad Kalinga and the Kariton Klassrum project of Kuya Efren Peñaflorida.