- Prudential PLC, the global insursance company published its annual FY2021 financial report highlighting an 8% growth for its annualised premium equivalent (APE) to US$4.1 billion with adjusted profit up 16% to US$3.2 billion.
- As for Malaysia APE sales reached a record high of $461 million(RM1.9 billion) up 31 per cent while Takaful APE sales hit $100 million (RM420 million), up by of 61 per cent. According to CEO, Lim Eng Seong, Prudential Malaysia remains the largest player with 30 per cent market share and its new business profit was 9 per cent higher, driven by growth in health and protection business IFRS operating profit up 12 per cent to $350 million.
Eng Seong further added that the insurance firm registered a strong new business APE growth with contribution from its Takaful and bancassurance channels. In the Takaful segment, Prudential maintained its number one position with 30 percent market share. He added that the productivity of the overall agency force improved by 45 percent, whereas the MDRT segment grew 48 percent to record more than 1,200 MDRT agents in 2021. Its bancassurance channel also grew by 33 percent as the company pivoted to higher protection and longer-term product sales.
“Against a tough backdrop of the ongoing COVID challenges, our customer retention remained high at more than 90 percent with a total of 2.7 million customers,” said Eng Seong.