Ho Chi Minh City, April 14, 2023 – Prudential Vietnam officially announced
Annual Financial Report 2022, affirming long-term strategy of taking customers as the core
Focus on delivering proud business results with impressive indicators:
* Total assets reached 161,750 billion VND, up 9.2%; of which assets invested in the economy reached 143,821 billion VND, up 11%.
* Net revenue from insurance business activities reached VND 30,557 billion, up 8.1%;
* Annualized fee revenue of new exploitation contracts reached VND 6,977 billion, up 25.7%;
* Liquidity margin reached over 160%.
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Mr. Phuong Tien Minh - General Director of Prudential Vietnam emphasized: “The 2020-2021 period is the time for us to consolidate and rebuild our team and operating system. 2022 is the time for us to accelerate our development in both scale and quality. We ended 2022 with a series of business indicators that exceeded expectations, but more importantly, customer indicators such as Net Promoter Score - an index of customer satisfaction at all points of interaction.”
CUSTOMER SATISFACTION IS THE FOUNDATION FOR DEVELOPMENT
“Continuously improving customer experience, in 2022, Prudential has made remarkable progress in its Customer Satisfaction Index (NPS). In terms of insurance claims settlement service alone, Prudential achieved 7.2 points, the highest in the market compared to the average of 6.7 points.” , Mr. Phuong Tien Minh shared.
Prudential continues to fulfill its commitment to pay insurance benefits of nearly VND 9,600 billion, up 11% compared to 2021, accounting for 25% of the entire life insurance market in Vietnam. Of which, more than VND 1,600 billion has been paid to more than 150,000 cases with benefits for death, total and permanent disability, critical illness and medical care services, up 35% compared to 2021.
In the Bancassurance channel alone, the number of payments and the amount of insurance benefits paid increased by 64% and 69% respectively compared to 2021, showing that the protection needs of urban customers are increasing.
In addition to the traditional Agency channel and the Bank Cooperation channel, Prudential also focuses on developing diverse distribution channels on e-commerce platforms, so that different customer groups can easily and conveniently access financial and health protection solutions.
Prudential continues to diversify its products to meet the diverse needs of all customers. Especially for urban customers, new insurance products are designed simply with reasonable costs. Typical products are PRU-PRACTICAL and PRU-EASY365 , in which PRU-PRACTICAL achieved the Top 10 Trusted Products - Services (Banking - Finance - Insurance sector) voted by Vietnam Economic magazine after only 4 months of launch.
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OUR STAFF DETERMINES OUR SUCCESS
To bring the best experience to customers, Prudential focuses on investing in the quality of its human resources. Prudential always focuses on comprehensive development for employees in all aspects, specifically:
* Budget investment for training activities increases by an average of 15% per year.
* Comprehensive health care for employees in terms of physical - mental - financial health. The "Wellness Day" energy regeneration day policy increases paid leave to nearly 30 days/year, helping employees balance personal life and work.
* Safe, open working environment, promoting a diverse and inclusive culture with 50% female senior leaders, along with honoring women through the “Women In Tech” program, and accompanying activities "PRIDE AT WORK". Extending employee benefits to relatives, including same-sex relatives.
* Create conditions and encourage employees to directly engage with customers such as calling to visit, supporting necessities and medical supplies, helping staff understand to better serve customers.
With its team of consultants, Prudential continuously improves the quality of consulting through regular training programs on digital application skills in customer experience, consulting skills, customer care, and sales management. A typical example is the PRUForce application, which is considered an all-round assistant for the team of consultants throughout the journey from becoming a consultant to conquering career heights with the MDRT title, while also helping consultants better connect with customers. By the end of 2022, the application has attracted nearly 25,000 registered consultants, of which regular users are up to nearly 10,700 per month.
The continuous capacity building of elite consultants is demonstrated by the annual increase in the rate of elite consultants achieving MDRT (*). The total number of MDRTs of Prudential Vietnam is 1,974 MDRTs (of which 75% of MDRT 2022 will continue to be maintained in 2023).
UPGRADING TECHNOLOGY INFRASTRUCTURE UNLOCKS POTENTIAL
In addition to continuously improving human resource capacity, Prudential also invests heavily in technology and digital to increasingly improve customer experience.
In 2022, Prudential's investment budget for digital infrastructure increased by 50% compared to 2021, totaling more than VND 700 billion. Prudential has successfully converted most of its technology applications and unified data platforms to cloud computing, marking a breakthrough in digital infrastructure, contributing to cost optimization, enhancing comprehensive information security, and modernizing applications serving the business operations of the consulting and customer care teams.
CONTINUOUSLY CONTRIBUTING TO COMMUNITY DEVELOPMENT
In 2022, in addition to fulfilling its commitment to its customers, Prudential continues to devote itself to long-term community support projects, especially in the fields of education, safety and society. The most prominent and widely effective projects are the "Independence in Old Age" project in the second year, "Safe Schooling" in the third year and "Cha-Ching Financial Education" in the fourth year. Prudential also pays attention to emergency relief activities, supporting 12 provinces to overcome natural disasters and epidemics. From 2011 to 2022, Prudential has invested more than VND 243 billion in community projects. Prudential's efforts to contribute to the sustainability of the community have been recognized by many prestigious organizations:
* 2022 marks the fourth consecutive year that Prudential has been recognized as “International Life Insurance Company of the Year” by Insurance Asia Awards
* Top 10 Sustainable Enterprises according to CSI 100, 6th consecutive time
* Top 5 businesses conducting responsible business, respecting children's rights, according to CSI 100
In 2022, in the effort to transform clean energy - Just Energy Transition Partnership (JETP) between the Vietnamese government and the UK government, Prudential is honored to have 2 official members participating in the project group to discuss building mechanisms and policies for private enterprises, towards a zero-carbon economy.
“We have completed our 2022 journey with pride. In 2023, we will continue to promote quality growth to celebrate the 175th anniversary of the establishment of Prudential Group in the UK, 100 years of operation in the Asian market and 24 years of serving and protecting 2.1 million Vietnamese customers.” Mr. Phuong Tien Minh proudly shared.
(*) MDRT (short for Million Dollar Round Table) is an association founded in 1927 for outstanding financial and insurance consultants, recognized globally, and evaluated based on specific business results and income criteria.
About Prudential Vietnam
Prudential Vietnam Life Insurance Company 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 purpose is to help people achieve the best in life. Prudential provides comprehensive and affordable healthcare solutions, helps protect and grow wealth, and helps people save for their life goals.
With 24 years of operation in Vietnam, Prudential has continuously focused on expanding the life insurance market, changing people's perception of insurance. As of December 2022, Prudential Vietnam has developed a team of more than 126,000 professional consultants, with more than 328 General Agency offices, Transaction offices and Customer Service Centers, and a network of 7 reputable partner banks, always ready to serve more than 2.1 million customers nationwide.
With the slogan “Listen. Understand. Act.”, Prudential affirms its commitment to always put customers at the center of all activities, providing creative and comprehensive solutions to protect financial security, helping customers increase their assets and proactively take control of their life plans.
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