Prudential Vietnam announces strong FY2018 results

Lễ trao giải Rồng Vàng 2019

Lễ trao giải Rồng Vàng 2019

April 11th 2019 – Prudential Vietnam Assurance Private Ltd. (Prudential) announced its results for the full year ended December 2018 (FY2018), affirming its financial strength and ability to deliver its promises to its customers. Prudential was also honored as “Vietnam’s top 10 foreign company” at the annual Golden Dragon Awards for the 16th time, being the only insurance company on the list.  

Prudential’s FY2018 results showed strong growth across its key financial metrics. The company reported total revenue from insurance operations of VND19,019 billion, an increase of 18.7%, and Annual Premium Equivalent, a measure of new business revenue, of VND4,480 billion, an increase of 14.2% compared to 2017. Profit before tax increased to VND1,382 billion and Prudential remained highly solvent with our solvency margin above 130%, safeguarding customers’ monies.

In addition, Prudential reported total assets of VND90,024 billion, an increase of 21.4% from 2017, demonstrating the continued strength of its insurance business and solid performance on investment returns. 

In 2018, Prudential’s total investment into the economy was VND81,508 billion, an increase of 23.0% against 2017. In addition, Prudential continues to support the government’s efforts to develop Vietnam’s economy and improving the social well-being of its people by investing in 20-year and 30-year government bonds, with the total investment in the government bonds reaching VND62,667 billion as at end-2018. 

During the year, Prudential continued to deliver on its commitment to provide financial protection for millions of its customers, paying out VND6,703 billion in insurance benefits, an increase of 7.1% compared to 2017. 

In addition to its strong business results, on April 6th, Prudential was recognized as one of the top 10 foreign-invested enterprises in Vietnam at the annual Golden Dragon Awards, the only insurance company on the list. This was the 16th time Prudential received the prestigious award by Vietnam Economic Times for foreign-invested enterprises operating in Vietnam. The award once again affirmed Prudential's leading position in the life insurance industry as well as its positive contribution to the country's socio-economic development. In addition to the Golden Dragon Awards, Prudential was also ranked among the "Top 50 best enterprises in 2018" by Vietnam Report, the Vietnam’s best companies to work for in Asia in 2018 by HR Asia and “Top 10 most sustainable enterprises of Vietnam in 2018, specialized in Trading and Service” by the Vietnam Chamber of Commerce and Industry. 

Those accomplishments were testament to Prudential's strategy that placed customers at the center of its business. In line with its customer-centric focus, Prudential has continually developed its product portfolio to provide effective solutions for financial protection, savings and investment and enhanced customer service quality together with a convenient and seamless customer digital experience. Moreover, in line with its commitment to giving back to its communities, Prudential has also continued to make a positive impact through its community investment projects, contributing up to VND175 billion from the 2012-2018 period. 

2019 marks 20 years of Prudential's continued development in Vietnam, helping customers of today and tomorrow progress in life. With its new brand commitment "Listening. Understanding. Delivering.”, Prudential will continue to serve the ever-changing needs of its customers by reinforcing simplicity, innovation and human connection across its products and services. 

Mr. Clive Barker, CEO of Prudential Vietnam, said: “We really appreciate the trust and support that customers have given Prudential throughout the years. With our extensive experience and solid foundation, we will continue to deliver on our commitment to protect the future of our customers and their families as well as contribute to the sustained development of Vietnam.”

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