Prudential Vietnam reports pre-tax profit of $126.5 million in 2024

Prudential Vietnam reports pre-tax profit of $126.5 million in 2024

Prudential Vietnam Assurance Private Limited has announced its financial results for 2024 with a pre-tax profit of over VNĐ3.3 trillion (US$126.5 million).

Prudential Vietnam maintained a strong financial foundation in 2024. — Photo courtesy of the company

Total assets reached VNĐ189 trillion ($7.2 billion), marking a 7 per cent increase year-on-year, while total invested assets rose by 10.3 per cent to VNĐ168.2 trillion ($6.4 billion). Notably, the total investment value contributed to the economy through investments in Government bonds reached VNĐ73.1 trillion.

Investment revenue totaled VNĐ11.9 trillion, up 12 per cent, reflecting another year of strong investment performance. Of this amount, the Unit-Linked Fund investment portfolio generated nearly VNĐ3.5 trillion, forming part of the benefits for customers participating in the unit-linked products.

Total revenue from insurance operations reached VNĐ23.2 trillion. The Annualized Premium Equivalent (APE) from new business surpassed VNĐ3 trillion.

Insurance benefits and claim payments amounted to VNĐ14.3 trillion ($549.5 million), up 8.6 per cent compared to the previous year.

Conor Martin O’Neill, chief financial officer of Prudential Vietnam, said: “In 2024, Prudential Vietnam made solid progress in strengthening our operational capabilities and enhancing the customer experience amid changing market conditions. While economic fluctuations have influenced financial planning habits, the fundamental need for long-term savings and protection remains strong in Việt Nam.”

He added: “We remain focused on driving quality sales, ensuring that our products not only meet customer needs, but also align with the latest regulatory standards. As we prepare to launch new solutions in compliance with the updated insurance law in Việt Nam, our continued commitment to customer-centricity will strengthen our foundation.”

At a group level, Prudential made significant progress in executing its strategic plans in 2024, achieving 11 per cent growth in new business profit and generating $2.6 billion in operating free surplus, as expected.

With a continued focus on writing quality new business, managing its in-force business, and improving variances, the company remains confident in achieving its 2027 financial and strategic objectives, while delivering sustainable value to shareholders and stakeholders across its Asia and Africa markets. 

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