Restoring Customer Trust is the Top Priority
Vietnam’s life insurance industry has recently undergone significant “tests” with major market changes and the revised Insurance Business Law taking effect from July 1. Stringent requirements for transparency, consulting standards, and risk management have been imposed, compelling insurance companies to adapt their strategies to regain customer trust.
However, the market outlook for 2025 is gradually improving. According to the Vietnam Insurance Association, in the first eight months of the year, the total number of new contracts reached approximately 1.1 million, an 8.3% increase compared to the same period in 2024. Notably, unit-linked insurance product contracts grew by over 12%.
This growth is not coincidental but the result of concerted efforts by regulatory bodies, associations, and individual companies to tighten standards, enhance customer experiences, and rebuild trust.
Kevin Kwon, CEO of Prudential Vietnam, simplifies customer trust into a formula: Trust = Quality of Advice × Quality of Service. Elevating both factors empowers customers to feel more confident in choosing life insurance.
This principle has been Prudential’s core commitment in Vietnam for over two decades, prioritizing long-term quality over short-term growth.
“We are committed to helping customers secure their financial future and reshaping perceptions of life insurance through quality, transparency, and practicality,” Kevin Kwon emphasized.
Trust and Quality: The Formula for Realizing Long-Term Commitments
Over 26 years in Vietnam, Prudential has built a robust foundation in scale, operational capabilities, and market expertise, enabling bold, long-term strategies.
Kevin Kwon highlights Vietnam’s current “critical juncture” with a dynamic economy and rapidly growing middle class. “However, Vietnam has a significant protection gap compared to developed markets. Our goal is to provide practical solutions that meet genuine customer needs, bridge this gap, and keep innovation simple and accessible,” he added.
Guided by this vision, Prudential has launched diverse financial solutions tailored to specific needs. In April, the PRU-Maximum Protection unit-linked insurance product debuted, offering optimal protection at premiums aligned with financial capabilities.
In September, Prudential introduced PRU-Steady Growth, a unit-linked insurance product. This marks the first time in Vietnam’s life insurance sector that a unit-linked product allows customers to transfer contract wealth to the next generation.
Combining three core values—Responsible and Reliable Investment, Effective Wealth Accumulation, and Comprehensive Protection—PRU-Steady Growth promises optimal protection and long-term investment solutions, ensuring peace of mind for both present and future.
The PRU-Steady Growth unit-linked insurance product launched in September 2025. Photo: Prudential.
To address the protection gap and aging population, Prudential not only diversifies products but also raises societal awareness through long-term initiatives. The “Insurance – Understand Fully, Buy Right” campaign, in collaboration with industry experts and the Vietnam Insurance Association, empowers informed insurance decisions.
Additionally, the Cha-Ching financial education program, sponsored by the Prudence Foundation and partnered with the Ministry of Education and Training, has reached over 60,000 primary students and trained 2,000 teachers across 372 schools nationwide since 2019.
Looking ahead, Prudential views technology as a growth driver. From AI-powered recording for transparency to eKYC, smart chatbots, and cashless claims, Prudential consistently enhances user experiences at every touchpoint, benefiting both customers and employees.
Kevin Kwon emphasizes that quality extends beyond products and processes to the company’s development philosophy: “We are not in a rush. Our focus is on doing the right things, the right way, with the right people. This ensures sustainable growth. Quality attracts quality—there are no shortcuts to building customer trust.”
Only then, he believes, will customers fully trust life insurance, especially with Prudential. Through consistent, relentless effort, Prudential aims to maintain this trust, steadfastly bringing peace of mind to every Vietnamese family.
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Life insurance premiums have stagnated, claims expenses have soared, and financial profits have plummeted, leaving many foreign-owned life insurance giants struggling, with some even reporting losses of hundreds of billions of dong in the first half of 2025.
Hanwha Life Recognized for “Best Financial Protection Insurance Product”
On September 25, 2025, Hanwha Life Vietnam was proudly recognized as the company offering the “Best Financial Protection Insurance Product” at the “Outstanding Financial Products and Services 2025” Awards Ceremony, organized by the Finance and Investment Newspaper and the Vietnam Financial Advisors Community.
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As of June 30th, Prudential Vietnam Insurance’s short-term investment portfolio was predominantly comprised of listed stocks and UPCoM-traded equities, accounting for over half of its total value at VND 19,438 billion.
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The life insurance industry has faced a long-standing challenge of regaining customer trust. It is imperative that these businesses recognize this issue and actively work towards rebuilding and restoring faith in their services.
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The first half of 2024 has been a challenging period for many insurance companies, with a string of industry giants failing to report improved financial performance and instead shouldering billions in losses. Despite these struggles, insurance companies continue to pay out high salaries compared to the general labor market.
