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Prudential Vietnam releases 2018 results

Released at: 09:54, 18/04/2019

Prudential Vietnam releases 2018 results

Photo: Prudential Vietnam

Results show strong growth across key financial metrics, affirming insurer's financial strength in Vietnam.

by Hung Cao

Prudential Vietnam recently announced its results for the year ending December 2018, affirming its financial strength and ability to deliver on its promises to its customers. Prudential was also honored as one of “Vietnam’s Top 10 Foreign Companies” for the 16th time at the annual Golden Dragon Awards, being the only insurance company on the list.

Its results showed strong growth across key financial metrics. The company reported total revenue from insurance operations of nearly $820 million, an increase of 18.7 per cent compared to 2017, and Annual Premium Equivalent, a measure of new business revenue, of over $193 million, an increase of 14.3 per cent. Profit before tax increased to $59.6 million and Prudential remained highly solvent with a solvency margin above 130 per cent, safeguarding customers’ funds.

In addition, Prudential reported total assets of $3.88 billion, an increase of 21.4 per cent 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 $3.51 billion, an increase of 23 per cent against 2017. In addition, it continued to support the government’s efforts to develop Vietnam’s economy and improve the social well-being of its people by investing in 20-year and 30-year government bonds, with the total investment in government bonds reaching $2.7 billion as at end of 2018.

During the year, Prudential continued to deliver on its commitment to provide financial protection for millions of its customers, paying out $289 million in insurance benefits, an increase of 7.1 per cent compared to 2017.

These accomplishments are testament to Prudential’s strategy of placing 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 in financial protection, savings, and investment, and enhanced customer service quality together with a convenient and seamless digital customer experience. Moreover, in line with its commitment to give back to communities, Prudential continued to make a positive impact through its community investment projects, contributing up to $7.5 million in the 2012-2018 period.

“We really appreciate the trust and support that customers have given Prudential throughout the years,” said Mr. Clive Barker, CEO of Prudential Vietnam. “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 Vietnam’s sustained development.”

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