Prudential Vietnam Assurance Private Limited (Prudential Vietnam) officially published its full year 2022 financial statements on April 14.

The results re-affirm that its long-term customer-centric business strategy has resulted in excellent business outcomes, as follows: Total assets value of VND161.75 trillion ($7 billion), up 9.2 per cent, in which investment capital in the local economy reached VND143.821 trillion ($6.2 billion), up 11 per cent; Net revenue from insurance activities reached VND30.557 trillion ($1.3 billion), up 8.1 per cent; New business APE reached VND6.977 trillion ($303 million), up 25.7 per cent; and the Solvency margin was maintained at over 160 per cent.

“2020-2021 was the time we transformed both our workforce and our operating system,” said Mr. Phuong Tien Minh, CEO of Prudential Vietnam. “Before 2022, we were able to accelerate our development in both scale and quality. We have delivered exceptional results that exceeded our expectations, especially in customer metrics such as Net Promoter Score (NPS) at every touchpoint.”

Customer satisfaction the foundation for development

“By continuously improving the customer experience, Prudential has been creating and delivering a differentiated end-to-end customer experience, as demonstrated by the latest benchmarking of Net Promoter Score results for 2022,” he continued. “Specifically at the point of making a claim, we received a touchpoint customer score of 7.2 for the entire experience. This was the highest in the market, which averaged 6.7 points.”

Prudential fulfilled its commitment of paying out nearly VND9.6 trillion ($417 million) in insurance benefits, up 11 per cent. It accounted for a quarter of the total industry claims payouts last year. Included in this was more than VND1.6 trillion ($69.5 million) paid for more than 150,000 cases of death or total and permanent disability, critical illness, and medical care, up 35 per cent.

Prudential’s bancassurance channel played a critical role in making health and financial insurance accessible to more urban customers via its partnerships. In 2022, the number of claims and claim payouts for customers via bancassurance increased 64 per cent and 69 per cent, respectively, revealing the growing protection needs of the urban customer segment.

In addition to Agency and Bancassurance channels, Prudential diversified its distribution channels to offer customers comprehensive solutions through “just a click” via e-commerce platforms.

Last year, Prudential Vietnam was the leader in bite-sized product solutions to serve varying and arising needs of urban customers with reasonable premiums and a monthly premium subscription option, such as PRU-Modern and PRU-EASY365. PRU-Modern also reached the Top 10 Trusted Vietnam Products - Services 2022 (Banking - Finance - Insurance) as voted by VnEconomy / Vietnam Economic Times, just four months after its launch.

Prudential continuously improved the quality of its salesforce through regular training programs on applying digital technology to the customer experience, customer care, and sales management. In particular, the PRUForce application was developed to help its salesforce on their career path and achieve the MDRT qualifications through engaging better with customers. By the end of 2022, the application had been provided to 25,000 registered agents, with monthly active users of 10,700.

By constantly improving the capacity of elite consultants, the percentage of elite consultants winning the MDRT title (*) has increased every year. The total number of MDRTs at Prudential Vietnam was 1,974, out of which 75 per cent of those in 2022 were maintained in 2023.

Continuous contributions to community development

In 2022, aside from fulfilling its commitment to customers, Prudential continued to devote itself to long-term community projects, especially in the fields of education, safety, and social issues. The “Independent Seniority” event was held for the second year, “Safe Steps Road Safety Kids” for the third year, and “Cha-Ching Financial Education Program” for the fourth year. Prudential also carried out emergency relief activities, helping 12 provinces overcome natural disasters and epidemics. From 2011 to 2022, Prudential invested over VND243 billion ($10.5 million) in community projects.

Prudential’s efforts contributing to the sustainability of the community were recognized by many prestigious organizations. 2022 marked the fourth time in a row Prudential was named “International Life Insurer of the Year” at the Insurance Asia Awards; was among the Top 10 Sustainable Enterprises in Trade and Services sector according to CSI 100, for the sixth time in a row; and was one of the Top 5 Companies with Good Practices in Doing Responsible Business and Promoting Children Rights, according to CSI 100.

In 2022, to support efforts towards clean energy transition, the Just Energy Transition Partnership (JETP) was launched between the Vietnamese Government and the UK. Prudential was honored to have two official members joining the working group that discussed the development of mechanisms and policies for private enterprises, seeking to work towards a net-zero economy.

“We successfully completed our 2022 journey on a high note,” Mr. Minh said proudly. “In 2023, we will continue to promote quality growth as a way of celebrating the 175th anniversary of the Prudential Group - 100 years in Asia and 24 years of serving and protecting 2.1 million Vietnamese customers.”

(*) MDRT (Million Dollar Round Table) is an association founded in 1927 for outstanding financial and insurance consultants, recognized globally and reviewed on the criteria of business results and specific income.