Prudential Singapore Boasts Exceptional Growth Of 27% In 2010 Financial Results
- Sturdy Regular Premium Sales reinforces status as a market leader in this category
- Company leads the Linked and non-PAR segments
- Product innovation, strong distribution channels and leadership in the Investment Linked category seal the success for Prudential Singapore
(Singapore - 13 April 2011 )
Prudential Assurance Company Singapore (Pte) Limited (“Prudential Singapore”) gave an outstanding performance for the financial year 2010 with a strong $368 million in New Business Premiums, a 27% growth over 2009. This is a healthy increase, well above the growth posted by the industry.
The leading insurer maintained the market leader position in Regular Premium business, and leads the Linked and Non-PAR segments. The strong performance is attributed to prudent management, sound business practices and a customer-centric focus. Another winning factor is the quality agency force that continues to be strong in both size and productivity.
“The robust and positive results for 2010 are testament to the success of our strategy and direction. Going forward, our focus will be concentrated in three areas: creating customer value through a customer centric approach, ensuring a healthy top, and bottom line, and a high level of operational effectiveness,” said Mr Kevin Holmgren, Chief Executive Officer of Prudential Singapore. “This will provide a superior overall experience to our customers and give the company a sustainable competitive advantage” added Mr. Holmgren.
Being relevant to customers with innovative product offerings
The results exhibited Prudential’s strengths in the non-PAR market with relevant offerings in the Accident & Health segment. Successfully identifying gaps in this segment, Prudential Singapore launched two products – PRUfirst gift and PRUearly stage crisis cover in 2010.
PRUearly stage crisis cover, which was launched in October, was a hit with customers. The novel Accident & Health product protects against an extensive range of 70 different medical conditions and early stages of critical illnesses. Another unique product that proved to be successful was PRUfirst gift which provides seamless coverage to both expectant mothers and their yet-to-be born babies from pregnancy to after childbirth immediately upon policy inception.
The company was also successful in its outreach into the affluent customer segment with the introduction of two Protection products - PRUTerm Vantage, and PRUUniversal Vantage.
Prudential Singapore continues to lead in the ILP category
Testament to the confidence customers have in Prudential Singapore, the company now manages over $8.4 billion in ILP funds. As part of the CPF Board’s ongoing efforts to lower costs and improve the quality of the CPFIS funds, 20 of the company’s PRUlink funds met the stringent criteria for inclusion as List A Funds of the CPFIS.
Strong distribution is key to the company’s success
Continued strength in Prudential Singapore’s tied agency force and strategic partnerships were important contributions to the company’s robust numbers for 2010. Prudential Singapore saw its new business from partnership distribution increasing by 83% while the tied agency channel’s new business grew 13%.
The company continues to have one of the largest and most productive tied agency forces in the market. Together with firmly entrenched strategic partners Maybank, Standard Chartered Bank, SingPost and UOB, Prudential Singapore continues to thrive and serve the needs of over 650,000 policyholders in Singapore.
About Prudential Assurance Company Singapore (Pte) Limited
Prudential Singapore, an indirect wholly-owned subsidiary of UK-based Prudential plc, is one of the top life insurance companies in Singapore. We are one of the market leaders in investment-linked plans with over S$8.4 billion of funds managed under PruLink funds as at 31 December 2010. With a rich history that has spanned 80 years, Prudential Singapore now has a dedicated team of approximately 3,300 financial consultants and over 700 employees. We are committed to serving the needs of more than 650,000 policyholders with more than 1.5 million policies.
Prudential Singapore is the first life insurer in Singapore to be named Asia's Life Insurance Company of the Year in 2000. We were also presented with the Gold Award in Reader’s Digest Trusted Brands for four consecutive years from 2007 to 2010 and the May Day Model Partnership Award in 2009. In 2010, we emerged as one of the top insurers in Singapore in the Customer Satisfaction Index, which is a national barometer that tracks 104 companies from eight sectors.
For media enquiries, please contact:
Lorraine Lee Robert
Prudential Assurance Company Singapore
Tel: 65 6228 5033
Citigate Dewe Rogerson i.MAGE
Tel: 65 6530 7156