Strengthening leadership in the insurance sector by upholding regulatory standards
Demonstrating its steadfast commitment to transparency, accountability, and regulatory compliance, Pru Life UK received the coveted Four Golden Arrow award from the Institute of Corporate Directors (ICD) at the ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Awards recognition ceremony held on 19 September in Pasay City. The leading life insurer earned 119 points in the 2023 ACGS assessment, a marked improvement from the company’s scores in previous years.
To encourage companies to exceed local regulatory requirements and adopt higher standards of corporate governance, the ACGS evaluates companies on key governance aspects, including shareholder rights, fair treatment, stakeholder engagement, transparency, accountability, and the effectiveness of the board, while benchmarking against international best practices.
Accepting the award for the company is Chief Legal, Government Relations, and Sustainability Officer, Atty. Paul Mandal, who called the recognition “a proud moment” for Pru Life UK.
“[This recognition] reflects our unwavering commitment to corporate governance,” Atty. Mandal explained. “As we continue to align with regulatory standards, we are excited to lead the way in promoting transparency and inclusivity in the Philippine insurance sector, ensuring we deliver the best possible service to our customers,” he added.
Additionally, Pru Life UK strives to make insurance more inclusive by constantly innovating and developing new products to serve the financial protection needs of all Filipinos. A new area that the company is currently exploring is Takaful or Islamic insurance, which is aligned with the priorities of the Insurance Commission (IC) and the national government. Pru Life UK targets to become the first insurer to launch Takaful in the country, reinforcing its commitment to address the diverse needs of Muslim and non-Muslim Filipinos alike.
Pru Life UK has been a consistent Golden Arrow awardee for eight consecutive years. This achievement underscores the company’s proactive response to evolving regulatory standards set by the IC.
As Pru Life UK celebrates this recognition, the company reaffirms its pledge to uphold the highest standards of corporate governance and regulatory compliance, ensuring it remains a trusted and responsible partner for its policyholders, shareholders, and the communities it serves.
