Prudential Vietnam achieves strong revenue growth in 2021 despite challenging environment

April 21, 2022 | 20:44
The United Kingdom-backed life insurer Prudential Vietnam delivered strong revenue growth of 15.2 per cent in 2021 against a challenging operating environment, with $374.3 million of insurance benefits paid to customers.
Prudential Vietnam achieves strong revenue growth in 2021 despite challenging environment
For the fourth consecutive year, Prudential was honoured among the Best Companies to Work for in Asia by HR Asia in 2021

According to Prudential Vietnam’s 2021 financial statements, the company achieved strong growth amid external market fluctuations, mirrored by a 15.2 per cent jump in its total revenue to reach $1.7 billion, and 14.4 per cent hike in its net revenue to touch $1.23 billion.

The 2021 financial statements continued to show a strong capital position and solid foundation for future business, with increases in diverse business metrics.

Along with this, the company’s total asset value rose 19.2 per cent on-year to reach $6.44 billion, and the company succeeded in maintaining its solvency margin at 123 per cent.

In 2021, Prudential Vietnam paid more than $374.3 million in insurance benefits to customers, up 37.6 per cent, underscoring the company’s commitment to making health and financial security accessible to more than 1.6 million customers in the country. The number of benefits paid accounted for 26 per cent of the total industry claims payouts.

All six PRUlink funds of the unit-linked product PRU-FlexInvest – under the management of Eastspring Investments Vietnam, part of Prudential PLC – recorded impressive returns in 2021 with growth ranging from 3 to 40 per cent after deducting fund management fees.

The Universal Life Fund continued to declare a competitive interest crediting rate of at least 5.0 per cent throughout 2021 after deducting the fund management fee.

Taking action for every family’s health and financial prosperity

As customers were facing unforeseen difficulties due to the pandemic, Prudential Vietnam joined hands with the community attuned to its set goal of leaving no one behind.

Through various practical programmes and specific designs of products, Prudential Vietnam sought to alleviate pressing health and financial challenges faced by the community.

A prime example of those efforts was the programme Share Love, Join Hearts, a telehealth programme implemented by Prudential Vietnam to provide COVID-19 infected customers, employees, and consultants with timely access to medical consultations when they needed it most. Furthermore, the company extended the premium payment period to 120 days from 60 days, significantly easing the financial burden faced by customers affected by the pandemic.

An estimated budget of $52,170 was allocated to support various community anti-pandemic programmes in 2021. Prudential also invested in long-term projects to make communities more resilient by addressing key issues in education, health, and safety.

Prudential Vietnam achieves strong revenue growth in 2021 despite challenging environment
The Cha-Ching Financial Education Programme is an outstanding community investment project by Prudential Vietnam that gains appreciation from the community

In particular, the Cha-Ching Financial Education Programme and Safe Steps Road Safety are two outstanding community investment projects that are widely recognised and appreciated by the community.

Amid different levels of social distancing measures, Prudential and its partners have continued to teach students and train teachers on online platforms throughout the year.

Prudential Vietnam initiated the national study Preparedness for Independent Seniority together with the Institute of Labour Science and Social Affairs and the Institute of Social and Medical Studies.

Prudential is proud to have a diverse and harmonious team that worked well together in 2021 in delivering these impressive results.

The project aims to inspire and call on people aged 30-44 to plan and prepare now in all aspects so that each one of them can lead a free and independent life in senior ages.

At the same time, the company developed numerous digital initiatives to enhance its customer experience, ensuring customers can continue to access simple and affordable health and savings solutions in a safe and comfortable environment during the pandemic.

For example, the automatic claim process (Auto-Claim) or automatic underwriting process (Auto-UW) had achieved impressive results, with the rate of Auto-Claim reaching 80.1 per cent and the rate of Auto-UW reaching 81.2 per cent.

To break down barriers to accessing insurance products, Prudential has also been constantly upgrading and diversifying digital insurance products to meet customer needs with reasonable fees and easy access through popular online platforms and e-commerce sites.

Prudential is proud to have a diverse and harmonious team that worked well together in 2021 in delivering these impressive results. For the fourth consecutive year, Prudential was honoured as one of the Best Companies to Work for in Asia by HR Asia in 2021 and a Great Place to Work by the Great Place to Work Institute for the first time in 2022.

“The pandemic has shown us that the growth of any individual and organisation must go hand in hand with the prosperity and stability of the community,” said Phuong Tien Minh, CEO of Prudential Vietnam. “At Prudential, our activities reflect our commitment to sustainable development, not only in the business sector but also in supporting our employees, customers, partners, and local communities.

“This year brings positive signals with the return of many service industries as well as the vibrant pace of life. We will continue to focus on product diversification, improvements in customer advice, and responsive digital development for customers so that they have a delightful and long-lasting experience with Prudential."

By Hong Thuy

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