Prudential Vietnam delivers strong results in fiscal year 2019

Prudential’s fiscal year 2019 results showed strong growth across all key financial metrics

Last year also marked Prudential's 20^th year of operations in Vietnam and serving the protection needs of local people. The company has continued to maintain its industry leadership and contribute to the socio-economic development of the country with the commitment to take action for a healthier and wealthier Vietnam.

Prudential’s fiscal year 2019 results showed strong growth across all key financial metrics. Along with this, the company reported total revenue of VND27.537 trillion ($1.2 billion) with revenue from insurance operations generating VND21.952 trillion ($954.43 million), an on-year increase of 15.4 per cent.

Meanwhile, Annual Premium Equivalent, a measure of new business revenue, reached VND5.04 trillion ($219.13 million), an increase of 12.5 per cent compared to 2018. Pre-tax profit also increased, rising to VND2.688 trillion ($116.87 million), thanks to Prudential’s ongoing digital transformation and operational optimisation.

In 2019, Prudential continued to deliver on its commitment to providing financial protection for Vietnamese families, paying out VND6.257 trillion ($272 million) in insurance benefits. The company remained highly solvent with a solvency margin above 131.4 per cent, underscoring its ability to safeguard customers’ finances.

Prudential also reported total assets of VND103.819 trillion ($4.5 billion), an increase of 15.3 per cent from 2018, demonstrating the continued strength of its insurance business and a solid performance on investment returns. Its total investment in the economy was VND93.937 trillion ($4.1 billion), an increase of 15.2 per cent against 2018.

In addition, Prudential continued to support the government’s efforts to develop the national economy by investing in 20-year and 30-year government bonds, bringing the total investment in government bonds to VND66.489 trillion ($2.9 billion).

Besides its core business, the company continued to give back to the community. In 2012-2019, the company contributed VND191 billion ($8.3 million) through a wide range of community investment projects under the three pillars of healthy living, education, and safety.

“As demand for healthcare continues to rise in Vietnam, I strongly believe insurers should play a supporting role alongside the government’s efforts to help Vietnamese individuals and communities on their healthcare journey,” says Clive Baker, CEO of Prudential Vietnam.

“Through 2019 and indeed over the course of our 20-journey in Vietnam, Prudential has continuously strived to provide all Vietnamese with comprehensive healthcare solutions while contributing to the country’s development. By applying more advanced technologies, Prudential is proud to be making it easier than ever for Vietnamese to protect their health and grow their wealth.”

Throughout 2019, Prudential Vietnam continued to underscore its commitment to the Vietnamese society while marking its 20^th anniversary by introducing a series of innovative universal life products, combining with health and protection features such as its protection plan PRU-FlexiProtect (PRU-Chu Dong Cuoc Song), critical illness plan PRU-SafePlus (PRU-Bao Ve Toi Uu), and healthcare rider PRU-Hanh Trang Vui Khoe.

Together with its market-leading unit-linked product PRU-FlexInvest, Prudential not only helps narrow the health protection gap in Vietnam but also grow customers’ asset and empower them to protect their health and well-being from unexpected risks in life so they can pursue and achieve their life goals.

In addition, with Pulse by Prudential, Asia's first all-in-one digital app for health management based on AI, Prudential continues to reaffirm its “We DO Health” commitment to communities across Asia.

Pulse, soon to be launched in Vietnam, is a breakthrough solution that highlights Prudential’s strategy to bring greater simplicity, convenience, and excitement to customers. In doing so, Prudential encourages both individual customers and communities to proactively manage their health anytime and anywhere so they lead full and rewarding lives.

Continuously delivering sustainable values to generations of employees, agents, customers, partners, and the whole community, Prudential was honoured to receive the Certificate of Merit from the Ministry of Finance for its outstanding contribution to the development of Vietnam's life insurance industry over the past 20 years.

Moreover, Prudential's pioneering activities are not only recognised in Vietnam but are acknowledged by leading industry experts from all across Asia. The insurer also garnered the International Life Insurer of the Year – Vietnam, Claims Initiative of the Year – Vietnam and Digital Insurance Initiative of the Year – Vietnam by Insurance Asia Awards 2019.

A subsidiary of Prudential Plc – a leading global financial group headquartered in the UK – Prudential Vietnam has been operating in Vietnam for over 20 years. To date, in Vietnam, the company has helped over 1.5 million Vietnamese people achieve their protection needs and wealth aspirations in life.

Prudential Vietnam offers products focused on protection, saving, and investment via over 200,000 financial consultants, an expansive network of over 360 offices as well as a nationwide network of partnerships with eight reputable banks and 366 hospitals and clinics as of March 2020.

The company is also a pioneer in applying modern technology to simplify the process and enhance the customer experience as well as support the community on their healthcare journey.