Prudential Vietnam delivers strong FY2019 results

April 9th, 2020 – Prudential Vietnam Assurance Private Ltd. (Prudential) has announced its results for the year ended December 2019 (FY2019), reaffirming the insurer’s financial strength and ability to deliver on its promises to customers. Last year also marked Prudential's 20th year of operations in Vietnam and serving the protection needs of its people. The company has continued to maintain its industry leadership and contribute to the socio-economic development of the country with the commitment to take action for a healthier and wealthier Vietnam. 

Prudential’s FY2019 results showed strong growth across all key financial metrics. The company reported total revenue of VND27,537 billion with revenue from insurance operations generating VND21,952 billion, a year-on-year increase of 15.4%. Meanwhile, Annual Premium Equivalent, a measure of new business revenue, reached VND5,040 billion, an increase of 12.5% compared to 2018. Profit-before-tax also increased, rising to VND2,688 billion, thanks to Prudential’s ongoing digital transformation and operational optimization. 

In 2019, Prudential continued to deliver on its commitment to providing financial protection for Vietnamese families, paying out VND6,257 billion in insurance benefits. The company remained highly solvent with a solvency margin above 131.4%, underscoring its ability to safeguard customers’ monies. 

Prudential also reported total assets of VND103,819 billion, an increase of 15.3% from 2018, demonstrating the continued strength of its insurance business and a solid performance on investment returns. Its total investment in the economy was VND93,937 billion, an increase of 15.2% against 2018. 

In addition, Prudential continued to support the government’s efforts to develop the national economy by investing in 20-year and 30-year government bonds, bringing the total investment in government bonds to VND66,489 billion.   

Besides its core business, Prudential Vietnam continued to give back to its community. In the period from 2012-2019, the company contributed VND191 billion through a wide range of community investment projects under the three pillars of Healthy Living, Education and Safety. 

Throughout 2019, Prudential Vietnam continued to underscore its commitment to Vietnamese society while marking its 20th anniversary by introducing a series of innovative universal life products, combining with health and protection features such as its protection plan, PRU-FlexiProtect (PRU-Chu Dong Cuoc Song), critical illness plan, PRU-SafePlus (PRU-Bao Ve Toi Uu), and healthcare rider, PRU-Hanh Trang Vui Khoe. Together with its market leading unit-linked product PRU-FlexInvest, Prudential not only help narrow the health protection gap in Vietnam but also grow customers’ asset and empower them to protect their health and well-being from unexpected risks in life so they can pursue and achieve their life goals.  

In addition, with Pulse by Prudential, Asia's first all-in-one digital app for health management based on artificial intelligence (AI), Prudential continues to reaffirm its “We DO Health” commitment to communities across Asia. Pulse, soon to be launched in Vietnam, is a breakthrough solution that highlights Prudential’s strategy to bring greater simplicity, convenience, and excitement to customers. In doing so, Prudential encourages both individual customers and communities to proactively manage their health anytime and anywhere, so they lead full and rewarding lives. 

Continuously delivering sustainable values to generations of employees, agents, customers, partners and the whole community, Prudential was honored to receive the certificate of merit from the Ministry of Finance for its outstanding contribution to the development of Vietnam's life insurance industry over the past 20 years. Moreover, Prudential's pioneering activities are not only being recognized in Vietnam but being acknowledged by leading industry experts from all across Asia. The insurer also garnered the ‘International Life Insurer of The Year - Vietnam’, ‘Claims Initiative of The Year - Vietnam’ and ‘Digital Insurance Initiative of The Year - Vietnam’ by Insurance Asia Awards 2019. 

As demand for healthcare continues to rise in Vietnam, I strongly believe insurers should play a supporting role alongside the government’s efforts to help Vietnamese individuals and communities on their healthcare journey” says Mr. Clive Baker - Chief Executive Officer of Prudential Vietnam. “Through 2019 and indeed over the course of our 20-journey in Vietnam, Prudential has continuously strived to provide all Vietnamese with comprehensive healthcare solutions while contributing to the country’s development. By applying more advanced technologies, Prudential is proud to be making it easier than ever for Vietnamese to protect their health and grow their wealth.” 

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