Prudential achieves strong revenue growth, pays $374m million in claims in 2021

Friday, Apr 22, 2022 16:18

Prudential Vietnam delivered strong revenue growth last year despite a challenging operating environment. — Photo courtesy of the company

Prudential Vietnam Assurance Private Limited delivered strong revenue growth of 15.2 per cent last year despite a challenging operating environment, and settled claims worth VND8.61 trillion (US$374 million).

According to its financial statements for 2021, revenues topped VND 39.15 trillion ($1.7 billion), including VND28.28 trillion ($1.23 billion) from insurance activities, an increase of 14.4 per cent from 2020.

The financial statements also show Prudential Vietnam continued to enjoy a strong capital position and solid foundation for future business, with total assets worth VND148.152 trillion, up 19.2 per cent, capital invested in the economy of VND129.498 trillion, an increase of 15.4 per cent, and solvency margin remaining at 123 per cent.

In 2021 the company paid out more than VND8.61 trillion to settle claims, up 37.6 per cent, underscoring its commitment to making health and financial security accessible to customers in the country.

The settlements accounted for 26 per cent of the total industry claims payouts.

Although the economy has been impacted by the ongoing COVID-19 pandemic, all six PRUlink funds in the unit-linked product PRU-FlexInvest managed by Eastspring Investments Vietnam, part of Prudential plc, recorded impressive returns in 2021.

After deducting the fund management fee, the PRUlink Vietnam Equity Fund achieved a return of 40 per cent followed by the PRUlink Growth Fund with 28.5 per cent, the PRUlink Balanced Fund with 20.8 per cent, and the PRUlink Stable Fund, the PRUlink Bond Fund and the PRUlink Presever Fund with 13.3 per cent, 3 per cent and 4.2 per cent.

The Universal Life Fund also continued to declare a competitive interest crediting rate of at least 5 per cent in 2021.

Taking action for every family’s health and prosperity

Students at a primary school taking part in Prudential Vietnam Assurance’s financial education programme for children, ‘Cha Ching Financial Education Programme.’ — Photo courtesy of the company

In light of customers facing unforeseen difficulties due to the pandemic in 2021, Prudential Vietnam actively joined hands with the community to strive to meet its goal of ‘No one is left behind’.

Through various practical programmes and product design, Prudential sought to alleviate pressing health and financial challenges impacting the community.

A prime example of the efforts was the programme called ‘Share Love, Join Hearts,’ a telehealth programme to provide COVID-infected customers, employees and consultants with timely access to medical consultation when they needed it most.

The company doubled the premium payment period to 120 days, easing the financial burden faced by customers affected by the pandemic.

An estimated VND12 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 related to education, health and safety.

The ‘Cha Ching Financial Education Programme’ and ‘Safe Steps Road Safety’ are two outstanding community investment projects widely recognised and appreciated by the community.

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

The company initiated a national study on ‘Preparedness for Independent Seniority’ together with the Institute of Labour Science and Social Affairs (under The Ministry of Labour - Invalids and Social Affairs) and the Institute of Social and Medical Studies.

The project seeks to inspire and exhort people aged 30-44 to plan and prepare in all aspects -- finance, health, spirit, and social engagement -- so that they can lead a free and independent life when they attain senior age.

At the same time Prudential also developed various 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.

Thus, the automatic claim process (Auto-Claim) and automatic underwriting process (Auto-UW) were accelerated and achieved impressive results, with their rates reaching 80.1 per cent and 81.2 per cent.

To break down barriers that prevent access to insurance products, Prudential has been constantly upgrading and diversifying digital insurance products to meet customers’ needs with reasonable fees and easy access through popular online platforms and e-commerce sites such as its digital insurance products PRU – Care and PRU – Tropical.

Prudential prioritises the well-being and career development prospects of its employees to help them achieve long-term success. — Photo courtesy of the company

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

The company prioritises the well-being and career development prospects of its people to help them achieve long-term success.

In 2021, for a fourth straight year, Prudential was among the winners of the ‘Best Companies to Work for in Asia’ award from HR Asia, and in 2022, for the first time, it is in the ‘Great Place to Work’ list compiled by the Great Place to Work Institute.

Phuong Tien Minh, CEO of Prudential Vietnam, said, "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.

“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 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."— VNS

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