Prudential Thailand announces record-breaking Q1 2023 business performance
BANGKOK, Thailand, 1 June 2023 - Prudential Life Assurance (Thailand) Public Company Limited (Prudential Thailand) is proud to announce a record-breaking Q1 2023 financial performance, marking the highest weighted first year premiums in the company's history. This impressive achievement firmly establishes Prudential Thailand as one of the top six insurance providers in the country.
Overall, the company’s weighted first year premiums[1] grew by 36% year on year in Q1 2023, notably outpacing market growth of 17%, and increasing the company’s market share to 6.7% from 5.7% in Q1 2022. The Company has excelled in various distribution channels, ranking No.3 in Bancassurance, No.1 in Digital, and No.4 in Telemarketing as of Q1 2023. This success resulted from strong year on year growth of 28% in Bancassurance, 1,366% in Digital, 73% in Agency, and 21% in Telemarketing.
Mr. Bundit (Kenny) Jiamanukoonkit, CEO of Prudential Thailand said, "Our resilient operational performance demonstrates the strength of our digitally enhanced omni-channel distribution platform. This has enabled us to achieve weighted first year premiums at THB 1,984 million in the first quarter, despite considerable COVID-19-related disruption and economic challenges. Our resilient performance is reflected in our unwavering commitment to serving the Thai community.”
"Prudential Thailand leads ‘the customer centricity’ at a heart of everything we do to provide the best insurance solutions and services and stay true to our purpose – ‘To help Thai people get the most out of life’. We place huge focus on inclusivity and diversity and will continue to provide accessible and affordable insurance solutions to cater to all unique needs of all types of families and individuals. As the CEO, my commitment extends not only to our valued customers but also to all stakeholders, as we collectively drive Prudential Thailand towards even greater heights”, said Mr. Jiamanukoonkit
In addition to its record-breaking business performance, Prudential Thailand's dedication to serving the Thai community has been recognised by several prestigious institutions.
The company received Customer Service Initiative of the Year: PRUServices recognition at the Insurance Asia Awards 2022 and was named KPMG Thailand's top performer in customer experience ratings, earning a place in the KPMG Thailand '2022 Hall of Fame’[2]. Prudential Thailand's focus on promoting the fair treatment and full participation of all people also earned it accolades at the BCCT King Power Thailand International Business Awards (TIBA) 2022 and the LinkedIn Talent Awards 2022, both in the 'Diversity, Equity & Inclusion' category.
To reaffirm our purpose "to help people get the most out of life" and encourage all family diversity to achieve their goals by providing inclusive insurance solutions on a sustainable path, the company recently also experienced a resurgence in investment-linked and unit-linked businesses. Furthermore, Prudential Thailand and ttb, our bancassurance partner, launch a new health flagship product, "ttb easy care plus -- family version"[3]. This is the health insurance solution that allows customers to share both OPD and IPD coverages among their family members within a single policy. The policy allows customers to share their coverage with a maximum of 5 people/1 family/1 policy.
Moreover, to ensure the Thai people have sufficient protection, Prudential Thailand and ttb, in partnership with BDMS, one of the most prestigious hospital networks, will launch a health insurance coverage plan, "ttb prakan mhao jop jop @BDMS – family version" -- a family version exclusively for BDMS customers. Apart from sharing OPD and IPD coverages, the package will also include many exclusive privileges, such as a special discount for room and board, medicine, health check-up package, and other services at the BDMS wellness clinic.
[1] Weighted First Year Premium = (First Year Premium + 10% of Single Premium)
[3] ประกันชีวิตและสุขภาพ ทีทีบี อีซี่ แคร์ พลัส สำหรับครอบครัว | ทีเอ็มบีธนชาต (ttb) (ttbbank.com)