Prudential Cambodia's 2022 Strong Financial Results Highlight Commitment

to Promoting Insurance Accessibility, Digital Transformation, and Community Investment

Prudential Cambodia reports strong financial performance in 2022.
Profitability experienced a significant boost, with a net profit of USD 15.72 million, an increase of 284% from the USD 4.08 million reported in 2021.
Prudential focuses on promoting insurance accessibility, digital engagement, and community involvement while the company offers budget-friendly digital insurance products, an AI-driven mobile app called 'Pulse' and Insurance Selling Machine.

Prudential Cambodia’s commitment to ESG principles is reflected in its ESG framework under the three pillars of making health and financial security accessible, building social capital, and stewarding the human impacts of climate change.
Prudential celebrates its 175th year worldwide and its 10th year of operations in Cambodia and committed to promoting financial inclusion and health protection for all Cambodian families.

Prudential Cambodia has delivered a strong financial performance in 2022, emphasizing its commitment to promoting insurance accessibility, enhancing digital engagement, and increasing community involvement. The financial outcomes from the year-ending December 31, 2022, show significant progress and profitability.

Mr. Sanjay Chakrabarty, CEO of Prudential Cambodia, said "Prudential Cambodia's continued investment in both its physical branches and its market-leading digital capabilities has been a contribution to the Cambodian insurance sector's journey to achieve a planned insurance penetration rate of 5.5% by 2030. In line with this, we are committed to bringing financial protection, affordable insurance, and healthcare protection closer to Cambodian families and communities, and helping people get the most out of life."

Profitability experienced a significant boost, with a net profit of USD 15.72 million, an increase of 285.3% from the USD 4.08 million reported in 2021. The company's total equity also saw an increase, growing by 26.3% from USD 59.78 million in 2021 to USD 75.50 million in 2022. Similarly, the company's total assets reached USD 309.36 million, marking a 19.4% rise from USD 259.05 million in 2021, with an increase in insurance premiums of 9.7%, reaching USD 71.37 million, while there was a 46.9% increase in claims and benefits totaling USD 3.15 million.

Making insurance accessible to everyone

Well positioned with opportunity for 2023 and beyond, Prudential has been working tirelessly to address common issues Cambodians encounter when purchasing insurance - affordability and accessibility.

Mr. Sanjay added, "We are dedicated to making insurance accessible to everyone. Our newly launched PRUSave and PruMyHealth products offer budget-friendly life, health, and savings insurance solutions. This initiative not only makes healthcare more attainable but also encourages financial discipline, helping Cambodians secure their future."

Digital innovation has been at the heart of Prudential's success. The company's AI-driven mobile app, 'Pulse', simplifies the purchase of life insurance policies and accelerates claims approvals. In addition, Prudential has introduced innovative Insurance Selling Machines at 50 locations across the country.

ESG & looking forward to 2023

Community investment has remained a cornerstone of Prudential Cambodia's operations since the company began in 2013, with funding for various social projects. The largest funding initiative was the "First Read" project, with a contribution of over USD 5 million between 2013 and 2019, enabling over 260,000 children and adults to learn to read and write. Prudential's commitment to assisting the government of Cambodia continues with current total funding of almost USD 1 Million for flagship programs like Cha-Ching financial literacy, Safe School, Safe Step road safety, and the Covid-19 recovery projects.

Mr. Sanjay further added, "Our success is directly linked to the welfare of our community and our employees. We're dedicated to giving back through initiatives like Safe Steps, in partnership with the AIP Foundation, and by cultivating an inclusive work environment."

Committed to fostering entrepreneurial spirit, Prudential also launched the Prudential Young Trailblazer competition, offering Cambodian university students the chance to secure funding for their innovative business ideas. Moreover, Prudential's $5 million investment in the Techo International Airport Guaranteed Bond attests to its commitment to national development.

Prudential Cambodia’s innovative approach, including its omni-channel and customer-focused digital strategy, aligns with its track record of trustworthiness and excellence. Prudential Cambodia has been a leader in forging strategic partnerships and collaborations to extend its reach in the market. Its recent successes are evident in the market reports, which show Prudential’s coverage of 65% market share in terms of policies issued in quarter one of 2023.

As it marks its 10th year of operations in Cambodia and its 175th year globally, Prudential is set to continue these successful strategies in 2023. We remain committed to leveraging our digitally enabled multi-channel distribution platform to make life insurance, healthcare, and financial inclusion a reality for all Cambodians.