- Growth in all product categories; Regular Premium Sales continues to be a focus, up 41%
- Customer-centric focus, product innovation and strength of multi-distribution platform contribute to success
Singapore, 10 August 2012 - Prudential Assurance Company Singapore (Pte) Limited ("Prudential Singapore") delivered excellent results for the first half of 2012 with new business sales of S$282 million, growing 33% year-on-year. This performance was achieved despite a volatile global economic environment that is creating challenges for many industries.
Prudent financial management, a customer-centric focus, sound business practices, effective multi-distribution channels and innovation in developing products and services that meet the varied needs of customers underscore the continued success of the company.
Growth was seen in all of Prudential Singapore’s product categories. The company continues to excel in the regular premium category, with growth of 41% over the first half of 2011. This was driven largely by increased demand for its PRULink Protection Plus Account product.
Products introduced in 2012, such as PRUUniversal Vantage Zenith, PRUUniversal Vantage Optimum, PRUSave Privilege Accelerator and PRUShield Extra Lite, are also proving to be successful.
The High Net Worth (HNW) market proved to be the fastest growing customer segment for the company. With its array of protection, investment-linked and legacy planning insurance products under the PRUVantage series, Prudential Singapore now offers a comprehensive suite of products to cater to the needs of the HNW segment. More recently, the company introduced PRUSelect Vantage and PRUCrisis Cover Vantage products which are targeted at HNW customers delivering great value in wealth accumulation and protection respectively.
"In the first half of 2012, both the Agency Distribution and Partnerships Distribution channels contributed to the growth of the business. The principal driver of growth was our bancassurance channel comprising a cross section of partners, which enables us to access a broad range of customers. We also have one of the most professional and productive agency forces in Singapore in terms of regular premium new business generated per agent." added Mr Holmgren.
With over 80 years of history in Singapore, Prudential Singapore continues to effectively serve the needs of over 710,000 policyholders and 1.7 million in-force policies. The insurer has a well established network of strategic bancassurance partners, comprising Maybank, Standard Chartered Bank, SingPost and UOB.
ABOUT Prudential Assurance Company Singapore (Pte) Limited (Prudential Singapore)
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$7.5 billion funds managed under PRULink funds as at 30 June 2012. With a rich history that has spanned more than 80 years, Prudential Singapore now has a dedicated team of approximately 3,100 financial consultants and over 700 employees. We are committed to serving the needs of more than 710,000 policyholders with over 1.7 million policies.
Prudential Singapore was 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 five consecutive years from 2007 to 2011 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. The company was also conferred the People Developer Award in 2012 by SPRING Singapore for the company’s efforts in training and developing its staff.
For media enquiries, please contact:
Lorraine Lee Robert
Prudential Assurance Company Singapore
Tel: +65 6228 5033