Prudential Vietnam Assurance Private Limited (“Prudential Vietnam”) delivers strong total revenue growth of 15.2 percent in 2021 against a challenging business environment, paying VND 8.610 billion in insurance benefits to customers.
SUSTAINABLE GROWTH AND DELIVERY FOR OUR CUSTOMERS
According to Prudential Vietnam’s 2021 financial statements, the company achieved strong growth amid external market fluctuations, as evidenced by these performance characteristics:
- Total revenue reached VND 39.152 billion, an increase of 15.2 percent
- Net income from insurance operations reached VND 28,276 billion, up 14.4 percent
The full year 2021 financial statements also continued to demonstrate that Prudential Vietnam has a strong capital position and a 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 percent
- Total capital invested in the economy is VND 129,498 billion, an increase of 15.4 percent
- Solvency margin maintained at 123 percent
In 2021, Prudential Vietnam paid more than VND 8,610 billion in insurance payments to customers, up 37.6 percent, 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 percent of total claims payouts in the industry.
Although the economy is being hit by an ongoing pandemic, all six PRUlink funds of the unit-linked product PRU-FlexInvest — managed by Eastspring Investments Vietnam, part of Prudential plc — posted impressive returns in 2021. After deducting the Fund Management Fee, these were:
- The PRUlink Vietnam Equity Fund: 40 percent;
- The PRUlink Growth Fund: 28.5 percent;
- The PRUlink Balance Fund: 20.8 percent;
- The PRUlink Stable Fund: 13.3 percent;
- The PRUlink Bond Fund: 3.0 percent;
- The PRUlink Presever Fund: 4.2 percent
The Universal Life Fund also continued to declare a competitive interest rate of at least 5.0 percent (net of the fund’s management fee) throughout 2021.
TAKE ACTION FOR THE HEALTH AND FINANCIAL PROSPERITY OF EACH FAMILY
In light of the unforeseen difficulties faced by customers due to the 2021 pandemic, Prudential Vietnam has actively joined hands with the community to strive to achieve our goal of “No one is left behind”. Through various hands-on programs and specific product designs, Prudential Vietnam sought to alleviate the pressing health and financial challenges affecting the community.
A prime example of those efforts was the “Share Love, Join Hearts” program, a telehealth program implemented by Prudential Vietnam to provide Covid-19-infected customers, employees and consultants timely access to medical consultations when they need it most. needed. In addition, the company extended the premium payment period from 60 days to 120 days, significantly easing the financial burden on customers affected by Covid-19.
In 2021, an estimated budget of VND 12 billion was allocated to support various community programs against pandemic. Prudential also invested in long-term projects to make communities more resilient by addressing key education, health and safety issues. In particular, “Cha Ching Financial Education Program” and “Safe Steps Road Safety” are two outstanding community investment projects that are widely recognized and valued by the community. Amid varying 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, together with the Institute of Labor Science and Social Affairs (under the Ministry of Labor – Disabled and Social Affairs) and the Institute of Social and Medical Studies, has launched a national study on “Preparedness for Independent Seniority”, the project aims to inspire and call on people aged 30-44 to plan and prepare now, in all aspects: finances, health, mind and social engagement, so that each of us can lead free and independent lives in old age.
At the same time, Prudential developed numerous digital initiatives to improve the customer experience, so that customers can continue to have access to simple and affordable health and savings solutions in a safe and comfortable environment during the pandemic. This also speeds up the automatic claim process (Auto-Claim) or automatic acceptance process (Auto-UW) and achieves impressive results:
- Auto claim rate up to 80.1 percent;
- Auto-UW rate reached 81.2 percent;
To break down the barriers to access to insurance products, Prudential is also 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 to achieve these impressive results. Prudential prioritizes the wellbeing and career development prospects of its people to help them achieve long-term success. For the fourth consecutive year, Prudential was awarded the title of ‘Best Companies to Work for in Asia’ by HR Asia in 2021 and ‘Great Place to Work’ by the Great Place to Work Institute for the first time in 2022.
Phương Tiến Minh – CEO of Prudential Vietnam, said: “The pandemic has shown us that the growth of every individual and organization must go hand in hand with the prosperity and stability of the community. At Prudential, our operations reflect our commitment to sustainable development, not only in business, but also in supporting our employees, customers, partners and local communities. 2022 brings positive signals with the return of many service industries and the vibrant pace of life. We will continue to focus on product diversification, improvements in customer consulting and responsive digital development for customers to ensure they have a wonderful and long-lasting experience with Prudential.”