Prudential Vietnam doubles 2023 financial revenue to $455 million with $865 million in deposits, stock investments, and bonds

Meanwhile, Prudential's pure insurance revenue fell by 13% to VND26,594 billion in the past year.


Prudential Vietnam Life Insurance Reports Financial Results for 2023

Pursuant to Prudential Vietnam Life Insurance’s separate 2023 financial statements, the company reported a total revenue of VND 37,250 billion, representing an increase of 7.6% compared to 2022.

Breaking down the revenue stream, net premiums from insurance operations decreased by 13% to VND 26,594 billion. Conversely, financial revenue more than doubled to VND 10,643 billion. The primary driver of this financial revenue surge was an increase in interest income from bonds (amounting to VND 4,925 billion) and bank deposits (exceeding VND 3,111 billion).

Currently, the company holds over VND 4,665 billion in non-term bank deposits (including VND 1,300 billion as the balance of the capital contribution account from the owner, which is blocked at the bank pending approval from the Ministry of Finance to record capital increase). Additionally, the company has over VND 1,411 billion in short-term (under 3 months) bank deposits.

Under short-term financial investments, Prudential, through unit-linked funds, holds approximately 468 million shares of listed and UpCOM-registered securities, valued at VND 14,917 billion. The company also has VND 11,794 billion in short-term bank deposits through unit-linked funds.

Furthermore, Prudential is a major player in the bond market. Under long-term financial investments, Prudential has invested VND 117,501.5 billion in government bonds, corporate bonds, etc., through unit-linked investment funds and other funds.

In total, Prudential has allocated VND 46,447 billion (~ USD 2 billion) to savings, stock investments, bond investments, and more in Vietnam.

After deducting expenses, Prudential recorded an after-tax profit of VND 3,114 billion, which represents a decrease compared to the VND 3,637 billion reported in the previous year.

As of December 31, 2023, Prudential’s total assets reached VND 176,673 billion, an increase of 9.2%. Total investment in government bonds reached VND 72,116 billion, a 14.1% increase. Total insurance compensation paid amounted to VND 1,900 billion, a 16% increase. The total number of insurance claims settled in 2023 was 179,000 cases.

For context, Prudential is a leading global financial group founded in 1848 and headquartered in the United Kingdom. In Vietnam, Prudential is also an established name in life insurance, having been established in 2011. Notably, Prudential is among the financial institutions taking action under the Just Energy Transition Partnership (JETP), committing USD 15.5 billion to accelerate the channeling of capital into Vietnam.

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