- Delivered excellent results with record New Business Sales of S$706 million, up 18% versus last year
- Strong growth was recorded in all product categories, with regular premium sales rising 15%
- AA rating by Standard & Poor’s makes it the highest rated insurer in Singapore
Singapore, 26 March 2014 – Prudential Assurance Company Singapore (Pte) Limited (“Prudential Singapore”) delivered an excellent performance in 2013 with new business sales of $706 million, the highest in its history. Strong growth was seen across all product categories, with regular premium sales continuing to excel with a strong 15% growth over 2012 to S$594 million. Key factors for its robust performance include its high performing multi-channel distribution model and focus on product innovation.
The company’s multi-channel distribution network, with both its agency and bancassurance channels, is a main driver of its success. Prudential Singapore’s agency force continues to be one of the largest in Singapore while its bancassurance channel remains a significant contributor to the company’s business and is poised for further success with the extension of its partnership with Standard Chartered for another 15 years.
Product innovation remains a key aspect of the company’s business philosophy and Prudential continues to develop products that cater to customers’ changing needs. Its Shield products continue to enjoy strong demand from customers looking for comprehensive medical coverage through a Medisave-approved plan. Robust growth was also seen in the High Net Worth category. With its array of protection, savings and investment products under the PRUVantage series, Prudential Singapore offers a comprehensive array of products that successfully cater to the needs of customers in this segment, with PRUTerm Vantage, PRUUniversal Vantage and PRUSelect Vantage products leading the growth.
New on the product front
- PRUShield – this integrated shield plan was enhanced in January 2013 to align with the changes in Medishield
- PRULife Multiplier – a whole-of-life plan that is designed to provide multiplied assurance with shorter premium term and up to 3 times the sum assured in the event of Death, Terminal Illness, Critical Illness or Total and Permanent Disability
- PRUSelect Vantage Premier – this single premium investment-linked insurance plan helps to build and diversify with a wide range of funds
- Other new products included PRUAdvanced Saver Crisis Care (PRUTerm Vantage), PRULife Vantage Elite and PRUInvestor Guaranteed Plus
Furthermore, in February 2014, the leading credit rating agency Standard & Poor’s assigned the ‘AA’ rating to Prudential Singapore, making the company the highest rated life insurer in Singapore. The award underscores the importance, recognition and confidence of the ability of Prudential Singapore to perform and deliver on several fronts: the strategic role that Prudential’s Singapore operations plays in the achievement of the Prudential Group’s goals, the ability to meet the capital adequacy ratio which speaks to the financial strength of the company, the company’s market leadership, as well as its established and effective multichannel distribution network and its strong management team.
“Prudential Singapore delivered another outstanding performance in 2013. Our continued emphasis on innovation and our focus on products that stay relevant to our customers’ needs have helped us to continue to achieve success. Providing affordable health and protection coverage for Singaporeans remains important for us as we participate in the Government’s Medishield Life initiative,” said Mr Tomas Urbanec, Chief Executive Officer of Prudential Singapore.
“Our high performing multi-channel distribution model with both the agency distribution and bancassurance channels is still one of the main drivers of our success. Our agency force continues to grow in size and productivity while our bancassurance channel maintains and strengthens its relationships with bank partners. The AA rating awarded to us by Standard & Poor’s is also testament to the strength and competence of our Singapore business.”
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. Our focus is to bring well-rounded financial solutions to customers through our multichannel distribution network, with product offerings in Protection, Savings and Investment. We are one of the market leaders in Protection, Savings and Investment-linked plans with over S$25.1 billion funds under management as at 31 December 2013. With a rich history that has spanned more than 80 years, Prudential Singapore now has a dedicated team of approximately 3,600 financial consultants and over 800 employees. We are committed to serving the financial and protection needs of more than 780,000 policyholders with over 1.9 million policies.
Prudential Singapore is the first life insurer in Singapore to be named Asia's Life Insurance Company of the Year in 2000. For ten consecutive years until 2013, we have been awarded the Gold Award in Reader’s Digest Trusted Brands. We also achieved 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. Since 2007, we have been conferred the People Developer Award by SPRING Singapore for our efforts in training and developing employees and in 2013, we were presented with Asia’s Employer of the Year Brand Award by the Branding Institute and the World HRD Congress. In February 2014, Prudential Singapore was awarded AA rating by leading credit rating agency Standard & Poor’s.
For media enquiries, please contact:
Lorraine Lee Robert
Associate Vice President
Prudential Assurance Company Singapore
Tel: 65 6704 7033
Catherine Ong Associates
Tel: 65 6327 6084