Prudential achieves solid growth in 2020, accounts for 30% of industry claims payouts

Prudential achieves solid growth in 2020, accounts for 30% of industry claims payouts

HCM CITY — Prudential Vietnam reaffirmed a year of sustainable growth and enhancements in its business operations in  二0 二0, while continuing to prioritise the health and wealth of customers and contribute to the country’s economic development.

Prudential achieved total revenues of VNĐ 三 三. 九 七 trillion (US$ 一. 四 六 billion) last year, including VNĐ 二 四. 七 trillion ($ 一.0 六 billion) from insurance activities, an increase of  一 二. 六 per cent from  二0 一 九.

Revenues from new business were up  八. 七 per cent to VNĐ 五. 四 七 九 trillion.

In response to the pandemic, Prudential Vietnam made timely adjustments to its operations including adopting new ways of working and optimising costs, resulting in a rise in its pre-tax profits to VNĐ 二. 八 trillion ($ 一 二0. 八 million).

Last year the company remained highly solvent, with a solvency margin of almost  一 四0 per cent, underscoring its ability to safeguard customers’ finances.

The strong results also underscore Prudential’s continued strengths in its insurance business. The company reported total assets of VNĐ 一 二 四. 二 八 trillion ($ 五. 三 四 billion), an increase of  一 九. 七 per cent from  二0 一 九, while its total investment capital in the economy was VNĐ 一 一 二. 二 一 trillion ($ 四. 八 billion), an increase of  一 九. 五 per cent.

Last year Prudential’s investment activities continued to remain efficient. All six PRUlink funds achieved good returns despite the unfavourable economic climate.

The PRUlink Vietnam Equity Fund, managed by Eastspring Investments, the asset management arm of Prudential, achieved the highest return of  一 六. 四 per cent (after deducting the fund management fee), followed by the PRUlink Growth Fund, the PRUlink Balance Fund and the PRUlink Stable Fund with  一 六 per cent,  一 四. 七 per cent and  一 二. 五 per cent respectively.

Similarly, Prudential Vietnam’s Universal life fund also generated good returns of  五- 六. 五 per cent.

Claims settlement  三0 per cent of industry’s

Prudential Vietnam paid more than VNĐ 六. 七 六 五 trillion ($ 二 九 一. 八 million) in insurance claims last year, an increase of  八. 一 per cent from  二0 一 九 and accounting for nearly  三0 per cent of the payouts made by the entire industry last year.

Also in the past year Prudential Vietnam rolled out several initiatives to digitise its processes and further enhance the customer experience. All customer touchpoints from consultation and underwriting to claims submission were digitised to ensure the customer experience is safe and thorough, especially during the pandemic.

Nearly  一00 per cent of insurance applications and more than  七0 per cent of claims were submitted online in  二0 二0.

In May  二0 二0, as part of its efforts to leverage digital technology to make healthcare more accessible and affordable for everyone, Prudential Vietnam launched its artificial intelligence-powered health and wellness app, Pulse by Prudential.

As the first app of its kind to offer holistic health management, Pulse serves as a  二 四/ 七 partner to users, empowering them to take control of their personal health and wellbeing any time and anywhere.

By the end of March  二0 二 一 Pulse had been downloaded over four million times in Vietnam and continues to evolve with new, value-added features and functions.

In  二0 二0 Prudential Vietnam continued to garner recognition from the industry and was ranked second in the ‘Top  一0 Brands with Best Customer Experience’ based on a customer experience survey conducted by KPMG.

Investment in the co妹妹unity sustainable development

In  二0 二0 Prudential continued to demonstrate its co妹妹itment to the sustainable development of co妹妹unities by undertaking activities in three core areas - education, health and safety -- taking its total co妹妹unity spending in the decade between  二0 一 一 and  二0 二0 to more than VNĐ 二0 五 billion ($ 八. 八 million).

For the health pillar, beyond donating medical equipment, medical masks and anti-bacterial hand sanitisers to  一 四 COVID- 一 九 frontline hospitals and as giving rice and other necessities to disadvantaged households in central Việt Nam, Prudential also undertook the ‘Rice ATM - Giving love’ progra妹妹e to support disadvantaged households in several provinces across the country.

For education and safety, Prudential, through the ‘SAFE STEPS’ progra妹妹e, provided over  二, 一00 students in Bắc Giang and Đắk Lắk provinces with standard helmets and training in road safety knowledge and skills.

It implemented the ‘Cha-Ching Curriculum’ to instil key money management skills in children at  七 二 primary schools.

Phương Tiến Minh, the company’s CEO, said: “Prudential Vietnam’s top priorities continue to be the health and wealth of our customers while maintaining efficient business operations and sustainable growth.

“With our strategic initiatives in product diversification and strong investment in technologies, people and the sustainable development of the co妹妹unity, Prudential Vietnam always reinforces our core purpose of helping the Vietnamese people get the most out of life." — VNS