Prudential Vietnam achieved positive results in 2023 despite the challenges face by the industry. — Photo courtesy of Prudential

British life insurer Prudential Vietnam achieved reasonable results last year despite the challenges faced by the industry.

Its 2023 financial results show that while revenues from insurance activities fell by 12.9 per cent to VNĐ26.59 trillion (US$1.06 billion), total revenues rose by 7.6 per cent to VNĐ37.25 trillion ($1.49 billion) thanks to investments.

Net profit after tax topped over VNĐ 3,1 trillion ($123.96 million).

Its investment in government bonds was nearly VNĐ 72.12 trillion ($2.88 billion), a 14.1 per cent increase.

The company maintained a 144.5 per cent solvency margin, above the minimum requirement, ensuring customers would be paid in all circumstances.

It had a claim payout of VNĐ1.9 trillion ($76.02 million), an increase of 16 per cent for more than 179,000 cases in 2023.

Thanks to the e-Claim process, over 82 per cent of customer claims were submitted online, with nearly 20 per cent processed within 30 minutes, the company said.

In addition, the company spent VNĐ17 billion ($679,563) on three areas of community activities: education, safety and healthy living.

Phương Tiến Minh, its CEO, said: "In 2023 temporary setbacks created opportunities for us to prioritize enhancing customer service quality and improving the quality of our distribution channels.

“Prudential has strategically invested and will continue to invest in necessary activities to ensure compliance with the law, higher quality of our sales processes, and an exceptional customer experience.”

Minh added: "2024 marks a significant milestone for Prudential as we celebrate 25 years of operation in Việt Nam.” — VNS