Prudential Vietnam Assurance Private Ltd: A Leading Life Insurance Provider in Vietnam

Prudential Vietnam Assurance Private Ltd (PVA) is a prominent life insurance company operating in Vietnam, with a strong presence and a robust financial performance. Established on September 8, 2011, the company has grown significantly over the past 13 years, becoming a key player in the Vietnamese insurance market. Headquartered at the Sai Gon Trade Center in Ho Chi Minh City, PVA also has branches in Hanoi, Binh Duong, and a representative office in Kien Giang, ensuring a wide reach across the country. The company’s Tax Identification Number (TIN) is 0301840443, which is used for all tax-related transactions and compliance in Vietnam.

Financial Performance and Growth

As of December 31, 2023, Prudential Vietnam boasts total assets of USD 7.26 billion, reflecting a year-on-year growth of 9.23%. The company’s owner’s equity stands at USD 917.63 million, marking a 15.31% increase from the previous year. Despite a challenging economic environment, PVA generated USD 1.09 billion in sales for the fiscal year 2023, although this represents a 12.97% decline compared to 2022. The company’s profit for the year was USD 127.93 million, a slight decrease of 14.38% from the previous year.

The company’s financial performance over the past three years shows a consistent upward trend in total assets and owner’s equity, with total assets growing from USD 6.09 billion in 2021 to USD 7.26 billion in 2023. Owner’s equity also saw a significant increase, rising from USD 646.37 million in 2021 to USD 917.63 million in 2023. However, sales and profits have experienced fluctuations, with sales peaking in 2022 at USD 1.25 billion before declining in 2023.

Leadership and Ownership

Prudential Vietnam is led by Chairwoman Ms. Lilian Lup-Yin Ng and General Director Mr. Clive Darren Baker, a British national. The company is a wholly-owned subsidiary of Prudential Corporation Holdings Limited, based in the United Kingdom. This strong international backing has enabled PVA to leverage global expertise and resources while tailoring its products and services to the Vietnamese market.

Business Activities and Market Position

PVA’s core business activities revolve around providing life insurance products and services in Vietnam. The company offers a range of protection products, including critical illness coverage, health care, financial support, and accident insurance. With a focus on life insurance, PVA has established itself as a trusted provider in the Vietnamese market, catering to the growing demand for financial security and health protection.

The company’s charter capital is USD 169.46 million, with a paid-up capital of USD 262.84 million as of December 31, 2023. This strong capital base underscores PVA’s financial stability and its ability to meet its obligations to policyholders.

Employee Base and Operational Reach

Prudential Vietnam employs 1,395 people, reflecting its commitment to creating jobs and contributing to the local economy. The company’s extensive network, including its head office in Ho Chi Minh City and branches in Hanoi and Binh Duong, ensures that it can effectively serve customers across the country. Additionally, its representative office in Kien Giang extends its reach to the southern region of Vietnam.

Vanguard Business Information LLC

The report on Prudential Vietnam was provided by Vanguard Business Information LLC, a U.S.-based company specializing in business intelligence and risk management. Vanguard Business Information LLC is known for its expertise in providing detailed company profiles, financial analysis, and risk assessment services. Key keywords associated with Vanguard’s risk management services include compliance monitoring, financial risk assessment, credit risk analysis, and market intelligence. These services are crucial for businesses like Prudential Vietnam to navigate complex regulatory environments and manage financial risks effectively.

Conclusion

Prudential Vietnam Assurance Private Ltd has solidified its position as a leading life insurance provider in Vietnam, backed by strong financial performance, international expertise, and a comprehensive range of insurance products. Despite some challenges in sales and profit growth in 2023, the company’s overall financial health remains robust, with significant growth in assets and equity. Under the leadership of Ms. Lilian Lup-Yin Ng and Mr. Clive Darren Baker, PVA is well-positioned to continue its growth trajectory and meet the evolving needs of its customers in Vietnam.

For more information, visit Prudential Vietnam’s official website at www.prudential.com.vn