Prudential Vietnam profit falls 14% to $124 mln in 2023

Life insurer Prudential Vietnam recorded post-tax profits of VND3,113.9 billion ($124.4 million) in 2023, down 14.4% year-on-year, according to the firm’s financial statements.

The insurer, under the UK-headquartered Prudential plc, earned revenues of VND37,250.3 billion ($1.06 billion) last year, up 7.6% year-on-year. Of this, VND26,593.9 billion came from insurance activities, down 13%; and VND10,643.2 billion from financial activities, up 164%.

Last year, Prudential Vietnam, among the biggest insurers in the country, paid insurance indemnification of VND13,172.7 billion ($528 million), up 37.7% year-on-year. Prudential Vietnam indemnified 179,000 claims last year, of which 82% were filed online, the firm said.

Prudential Vietnam’s total asset value increased 9.2% year-on-year to VND176,672.8 billion ($7.06 billion) last year. This included VND72,120 billion invested in government bonds.

Meanwhile, its liabilities rose 8.3% year-on-year to VND153,336.9 billion ($6.13 billion) and its equity grew 16.2% to VND22,3353.9 billion.

Life insurers in Vietnam received insurance premiums of VND157,024 billion ($6.3 billion) last year, up 11.6% year-on-year, according to the Insurance Association of Vietnam (IAV). They paid out a total of VND57,070 billion, up 35.7% year-on-year.

In terms of insurance premiums from new policies, Prudential Vietnam led the market with VND5,068 billion ($202 million) out a total of VND28,179 billion, up 44.5% year-on-year.