Prudential Vietnam Assurance continues retaining the pole in local life insurance market for another year.
The firm had increased in number of in-force policies to 3.8 million by end of 2010 from 3.5 million in 2009.
New business sales went up by 25.4 per cent to VND1.2 trillion ($59 million) lifting total premium income to VND5.4 trillion ($262 million), representing 13.6 per cent year-on-year growth.
Jack Howell, country director of Prudential Vietnam Assurance said that the results were encouraging for 2010, a shaky year for the local economy. By end of 2010, Prudential’s market share stood at 41.4 per cent.
“We have gone through a challenging year in an impressive manner. Moreover, 2010 was also a successful year for us in term of corporate social responsibility,” said Howell.
In 2010, Prudential Vietnam has announced the establishment of $10-million Prudence Foundation Vietnam enabling the firm to contribute to the long-term development of the Vietnamese society.
Via social and charitable activities and projects, the foundation seeks to demonstrate Prudential’s commitment as a model corporate citizen whose operating motive goes beyond short-term profit-taking.