- New business sales of S$597million, up 26 per cent, with strong growth across all of our product categories – protection, linked, and participating
- Performance driven by multi-channel distribution network and product innovation
Singapore, 13 March 2013 – Prudential Assurance Company Singapore (Pte) Limited (“Prudential Singapore”) delivered a strong performance in 2012. New business sales were up 26 per cent to S$597 million (2011: S$473 million). These are the highest ever new business sales achieved by Prudential Singapore. Regular premium sales grew by 30 per cent to S$518 million (2011: S$398 million).
The Company’s performance was driven by its powerful multi-channel distribution network and its product innovation. All of Prudential Singapore’s product categories – protection, linked and participating – saw strong growth in new business sales in 2012. During the year, the Company introduced new products aimed at meeting the changing needs of customers in Singapore.
The new products included:
- PRUCrisis Cover Vantage (PCCV) – which offered the highest coverage in the market at the time of its introduction. PCCV is part of the suite of Vantage products that Prudential Singapore offers to high net worth customers.
- PRUShield Extra Lite – this product offers additional coverage for customers on a smaller budget. Prudential is one of the leading providers of Shield products in Singapore.
- Other new products introduced included PRUUniversal Vantage Zenith, PRUUniversal Optimum, PRUSave Privilege, Max Protection Multiplier, PRUFlexiCash Protection Plus and Early Crisis Waiver.
2012 marked the 20th anniversary of the introduction of Prudential Singapore’s Investment Linked Products (ILPs). In 1992, Prudential Singapore was the first insurance company to launch a comprehensive range of ILPs. It remains the market leader with a wide range of ILPs that meet the various protection needs and investment goals of its customers.
Commenting on the results Mr. Tomas Urbanec, Chief Executive Officer of Prudential Singapore, said: “2012 was another extremely successful year for Prudential Singapore. Our strong performance is testament to the strength of our business strategy and to our focus on always delivering the best value products to our customers.”
“There was a healthy contribution to new business sales from both our agency and bancassurance channels. With almost 3,400 financial consultants, Prudential Singapore has one of the largest and most productive tied-agency forces in Singapore. Our established bancassurance relationships with our strategic partners – UOB, SCB, Maybank and Singpost – meant that we could effectively leverage what is the fastest-growing distribution channel in the market.”
“On the product front, we continued to lead the industry with first-to-market innovative products. The products we introduced allowed us to respond to currently unmet customer needs and ensured we stayed relevant to both their changing product requirements and lifestyles. With over 80 years of history in Singapore, Prudential Singapore continues to effectively serve the needs of over 740,000 policyholders with over 1.8 million in-force policies.”
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 leading life insurance companies in Singapore. We are one of the market-leaders in investment-linked plans with over S$8.2 billion funds, managed by PRULink funds (as at 31 December 2012). With a rich history that has spanned more than 80 years, Prudential Singapore now has a dedicated team of approximately 3,400 financial consultants and over 700 employees. We are committed to serving the needs of more than 740,000 policyholders with over 1.8 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 the Reader’s Digest Trusted Brands awards for five consecutive years from 2007 to 2011. In 2009, we received the May Day Model Partnership Award. In 2010, Prudential Singapore was one of the top insurers in Singapore in the Customer Satisfaction Index, a national barometer that tracks 104 companies from eight different sectors. The Company was also awarded the People Developer Award in 2012 by SPRING Singapore for the Company’s staff training and development program.
For media queries, please contact:
Lorraine Lee Robert
Prudential Assurance Company Singapore
Tel: +65 6228 5033