Prudential Vietnam Life Insurance Company Limited (“ Prudential ”) officially announces its 2023 Annual Financial Report. In the context of the insurance market facing many unfavorable factors, Prudential’s Financial Report shows positive results, demonstrating effective operations and investments, ensuring its role in the economy and fulfilling its responsibilities committed to customers.
By the end of 2023, although net revenue from insurance business decreased by 12.9% to VND 26,594 billion, Prudential's total revenue reached VND 37,250 billion, up 7.6%. This result was contributed by revenue from investment activities. In 2023, Prudential recorded a profit after tax of VND 3,114 billion.
Prudential's total asset value reached VND176,673 billion, up 9.2%. Total assets invested in government bonds reached VND72,116 billion, up 14.1%.
Prudential also maintained a liquidity margin higher than required, ensuring the ability to pay customers at 144.5%. Total insurance compensation reached VND 1,900 billion, up 16%. The total number of insurance compensation payments in 2023 was 179,000 cases. By the end of the year, more than 82% of customer benefit settlement requests were submitted online, of which nearly 20% of requests were processed within 30 minutes (up 5% compared to 2022).
“The temporary challenges of 2023 open up opportunities for us to focus on improving the quality of customer service and improving the quality of distribution channels . The timely introduction of the new Law on Insurance Business helps the entire insurance industry to re -evaluate and improve to become better , towards the interests of insurance participants. We will continue to invest in necessary activities to ensure compliance , enhance sales quality , as well as enhance the experience for our customers ,” said Mr. Phuong Tien Minh, CEO of Prudential Vietnam.
Along with the commitment to comply with the Law on Insurance Business and always "Taking customers as the guiding principle", last year, Prudential implemented and adjusted the Life Insurance Contract Documents, bringing peace of mind and satisfaction to customers. In 2023, Prudential was among the leading Life Insurance companies in terms of Customer Satisfaction and Willingness to Recommend Index (rNPS).
With a long-term and sustainable investment orientation in Vietnam, from the second half of 2023, Prudential will successively open a chain of three (03) customer care centers with a new model in Da Nang City and Ho Chi Minh City.
In 2023, Prudential will also continue to invest in community activities in the three areas of Education, Safety, and Healthy Living with a total budget of nearly 17 billion VND.
“2024 is a special milestone for Prudential as we celebrate 25 years of operations in Vietnam.
We affirm that we will always be a pioneer in complying with legal regulations , continue to actively contribute to sustainable development through community support projects and always accompany the Vietnamese Government in realizing the goal of building a green economy," Mr. Phuong Tien Minh added.
Prudential is currently one of the financial institutions acting under the Fair Energy Transition Agreement (JETP) with a commitment scale of 15.5 billion USD, aiming to accelerate this capital channel into Vietnam. In 2023, Prudential organized the workshop "Green Bonds & Transformational Investment in Vietnam" to collect feedback on how to support the growth and development of the green bond market in Vietnam. Most recently, Prudential launched the unit-linked fund "PRUlink Green Future". This is the first unit-linked fund in the life insurance market, providing customers who own unit-linked insurance products with the right to choose to invest in a sustainable development direction, in line with global trends.
Prudential's efforts over the past year have been recognized by domestic and international organizations with award categories such as :
. “ International Life Insurer of the Year” from Insurance Asia Awards . “ ESG Initiative of the Year” – for practical projects that directly contribute to solving social issues and sustainable development from Insurance Asia Awards Top 100 sustainable enterprises ( CSI Program 2023 organized by Vietnam Federation of Commerce and Industry VCCI) . “The Asia Corporate Excellence & Sustainability Awards (ACES) recognizes pioneering companies in Asia that have a strong influence on people , resources and global impact . . “Company with Excellent Culture ” (Gold category ) at the HR Excellence Awards in Singapore for its focus on building corporate culture , promoting employee development and welfare . . The “ Great Place to Work 2024” award recognizes the commitment to sustainable operations in Vietnam, focusing on optimizing resources and ensuring effective business. |
About Prudential Vietnam
Prudential Vietnam Assurance Private Limited (Prudential) is a member of Prudential plc, a group providing life insurance, health insurance and wealth management solutions in 24 markets across Asia and Africa. Prudential's mission is to be the most trusted companion and protector for today and future generations, by providing simple and accessible financial and health solutions.
With 25 years of operation in Vietnam, Prudential has served 7 million customers and is constantly focusing on expanding the life insurance market, changing people's perception of insurance. As of the end of December 2023, Prudential recorded more than 1,500 consultants achieving the MDRT title*.
(*) MDRT membership is recognized worldwide as the standard of excellence in the life insurance and financial services industry .
According to Prudential
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