Prudential Vietnam Assurance Private Limited (“Prudential Vietnam”) delivers strong total revenue growth of 15.2 per cent against a challenging operating environment in 2021, with VND 8,610 billion of insurance benefits paid to customers.
GROW SUSTAINABLY and DELIVER FOR OUR CUSTOMERS
According to Prudential Vietnam’s full year 2021 financial statements, the company achieved strong growth amid external market fluctuations as demonstrated by these performance highlights:
- Total revenue achieved VND 39,152 billion, up 15.2 per cent
- Net revenue from insurance activities achieved VND 28,276 billion, up 14.4 per cent
The full year 2021 financial statements continued to also show Prudential Vietnam has strong capital position and solid foundation for future business, with increases in the following indicators compared to 2020:
- Total asset value of VND 148,152 billion, up 19.2 per cent
- Total capital invested in the economy is VND 129,498 billion, an increase of 15.4 per cent
- Maintained its solvency margin at 123 per cent
In 2021, Prudential Vietnam paid more than VND 8,610 billion 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 amount of benefits paid accounted for 26 per cent of the total industry claims payouts.
Although the economy has been impacted by an on-going pandemic, 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. The Funds’ returns after deducting Fund Management Fee were:
- The PRUlink Vietnam Equity Fund: 40 per cent;
- The PRUlink Growth Fund: 28.5 per cent;
- The PRUlink Balance Fund: 20.8 per cent;
- The PRUlink Stable Fund: 13.3 per cent;
- The PRUlink Bond Fund: 3.0 per cent;
- The PRUlink Presever Fund: 4.2 per cent
The Universal Life Fund also 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
In light of the customers’ facing unforeseen difficulties due to the pandemic in 2021, Prudential Vietnam actively joined hands with the community to strive to meet our goal of “No one is left behind”. Through various practical programmes and specific designs of products, Prudential Vietnam sought to alleviate pressing health and financial challenges impacting 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 Covid-19.
An estimated budget of VND 12 billion 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. In particular, “Cha Ching Financial Education Program” 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 a national study on “Preparedness for Independent Seniority” together with the Institute of Labor Science and Social Affairs (under The Ministry of Labour – Invalids and Social Affairs) and the Institute of Social and Medical Studies, the project aims to inspire and call on people aged 30-44 to plan and prepare now, in all aspects: Finance, Health, Spirit, and Social Engagement, so that each of us leads a free and independent life in senior ages.
At the same time, Prudential 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) is also accelerated and achieves impressive results:
- Rate of Auto-Claim up to 80.1 per cent;
- Rate of Auto-UW reached 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, such as its digital insurance products PRU – Care, PRU – Tropical.
Prudential is proud to have a diverse and harmonious team that worked well together in 2021 in delivering these impressive results. Prudential prioritises the well-being and career development prospects of its people to help them achieve long-term success. For the fourth consecutive year, Prudential was awarded the “Best Companies to Work for in Asia” title by HR Asia in 2021, and “Great Place to Work” by the Great Place to Work Institute for the first time in 2022.
Mr. Phương Tiến Minh – CEO of Prudential Vietnam, said: “The pandemic has shown us that the growth of any individual and organization must go hand in hand with the prosperity and stability of the community. 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. 2022 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.”