HCMCity (VNS/VNA) - Prudential Vietnam reaffirmed a year of sustainablegrowth and enhancements in its business operations in 2020, while continuing toprioritise the health and wealth of customers and contribute to the country’seconomic development.
Prudential achieved total revenues of 33.97 trillion VND (1.46 billion USD)last year, including 24.7 trillion VND (1.06 billion USD) from insuranceactivities, an increase of 12.6 percent from 2019.
Revenues from new business were up 8.7 percent to 5.479 trillion VND.
In response to the pandemic, Prudential Vietnam made timely adjustments to itsoperations including adopting new ways of working and optimising costs,resulting in a rise in its pre-tax profits to 2.8 trillion VND (120.8 millionUSD).
Last year the company remained highly solvent, with a solvency margin of almost140 percent, underscoring its ability to safeguard customers’ finances.
The strong results also underscore Prudential’s continued strengths in itsinsurance business. The company reported total assets of 124.28 trillion VND (5.34billion USD), an increase of 19.7 percent from 2019, while its total investmentcapital in the economy was 112.21 trillion VND (4.8 billion USD), an increaseof 19.5 percent.
Last year Prudential’s investment activities continued to remain efficient. Allsix PRUlink funds achieved good returns despite the unfavourable economicclimate.
The PRUlink Vietnam Equity Fund, managed by Eastspring Investments, the assetmanagement arm of Prudential, achieved the highest return of 16.4 percent (afterdeducting the fund management fee), followed by the PRUlink Growth Fund, thePRUlink Balance Fund and the PRUlink Stable Fund with 16 percent, 14.7 percentand 12.5 percent respectively.
Similarly, Prudential Vietnam’s Universal life fund also generated good returnsof 5-6.5 percent.
Prudential Vietnam paid more than 6.765 trillion VND (291.8 million USD) ininsurance claims last year, an increase of 8.1 percent from 2019 and accountingfor nearly 30 percent of the payouts made by the entire industry last year.
Also in the past year Prudential Vietnam rolled out several initiatives todigitise its processes and further enhance the customer experience. Allcustomer touchpoints from consultation and underwriting to claims submissionwere digitised to ensure the customer experience is safe and thorough,especially during the pandemic.
Nearly 100 percent of insurance applications and more than 70 percent of claimswere submitted online in 2020.
In May 2020, as part of its efforts to leverage digital technology to makehealthcare more accessible and affordable for everyone, Prudential Vietnamlaunched its artificial intelligence-powered health and wellness app, Pulse byPrudential.
As the first app of its kind to offer holistic health management, Pulse servesas a 24/7 partner to users, empowering them to take control of their personalhealth and wellbeing any time and anywhere.
By the end of March 2021 Pulse had been downloaded over four million times inVietnam and continues to evolve with new, value-added features and functions.
In 2020 Prudential Vietnam continued to garner recognition from the industryand was ranked second in the ‘Top 10 Brands with Best Customer Experience’based on a customer experience survey conducted by KPMG.
Last year, Prudential continued to demonstrate its commitment to thesustainable development of communities by undertaking activities in three coreareas - education, health and safety -- taking its total community spending inthe decade between 2011 and 2020 to more than 205 billion VND (8.8 million USD).
For the health pillar, beyond donating medical equipment, medical masks andanti-bacterial hand sanitisers to 14 COVID-19 frontline hospitals and as givingrice and other necessities to disadvantaged households in central Vietnam,Prudential also undertook the ‘Rice ATM - Giving love’ programme to supportdisadvantaged households in several provinces across the country.
For education and safety, Prudential, through the ‘SAFE STEPS’ programme,provided over 2,100 students in Bắc Giang and Đắk Lắk provinces with standardhelmets and training in road safety knowledge and skills.
It implemented the ‘Cha-Ching Curriculum’ to instil key money management skillsin children at 72 primary schools.
Phuong Tien Minh, the company’s CEO, said: “Prudential Vietnam’s top prioritiescontinue to be the health and wealth of our customers while maintainingefficient business operations and sustainable growth.
“With our strategic initiatives in product diversification and stronginvestment in technologies, people and the sustainable development of thecommunity, Prudential Vietnam always reinforces our core purpose of helping theVietnamese people get the most out of life."/.
Prudential provides additional support to doctors, medical staff fighting COVID-19
The Vietnam Red Cross (VNRC) received 152,000 medical masks and 10,000 bottles of sanitiser from Prudential Vietnam Assurance on April 22 to help doctors and medical staff tackle COVID-19.