Prudential Cambodia Continues Strong Financial Growth in 2023
- Prudential Cambodia reported strong financial performance in 2023, with a net profit of USD 14.1 million. The company's total assets also grew by 16.6 percent to USD 361.2 million.
- Prudential Cambodia has focused on promoting insurance accessibility, digital engagement, and community involvement, while offering bite-size digital insurance products. In 2023, the company launched PRUSave and PRUCare, an affordable and easily accessible financial and health coverage plan for Cambodians.
- Its ongoing initiatives demonstrating dedication to community welfare and development, include the Cha-Ching financial literacy program for children, the Safe School Program, the Safe Step Road Safety initiative, Financial and Digital Literacy for Women, and the Be Clean Be Cool program.
Phnom Penh, Cambodia – 24 June, 2024 – Prudential Cambodia, one of the largest health and life insurer in the country, has announced a robust financial performance for the year ending December 31, 2023. The company has also made significant strides in expanding insurance accessibility, enhancing digital engagement, and deepening community investment, reflecting its strong commitment to these areas.
Prudential Cambodia demonstrated solid financial performance, marked by a net profit of USD 14.1 million, a testament to its strategic operational efficiencies and robust market positioning. The company's total equity also saw an increase, growing by 18.7 percent from USD 75.5 million in 2022 to USD 89.6 million in 2023. The company’s total assets saw a significant uplift, growing to USD 361.2 million, a 16.6 percent increase from the previous year. Additionally, Prudential Cambodia reported a 7.4 percent rise in gross insurance premiums, reaching USD 76.7 million, while there was a 25.5 percent increase in claims and benefits totaling USD 4.4 million from USD 3.5 million in 2022.
"Prudential Cambodia's strategy to make insurance more accessible and affordable has continued to resonate strongly with our customers," stated Mr. Ponlu Tola, Chief Executive Officer, Prudential Cambodia. "Despite the challenges posed by the dynamic market environment, I am pleased to report that Prudential Cambodia has maintained its strong financial position and continued to deliver value to our customers and stakeholders.”
“Our solid financial performance reflects the dedication and hard work of our talented team, as well as our focus on innovation, customer-centricity, and operational excellence.
As we look to the future, we remain committed to driving sustainable growth, expanding our presence, and enhancing our offerings to meet the evolving needs of our customers.
I am confident that with the support of our employees, strategic bank partners, and stakeholders, Prudential Cambodia will continue to thrive and make a positive impact on the lives of Cambodians.
In 2023, we’ve focused on growing the accessibility and offerings of our innovative products like PRUSave and PRUCare, which are designed to meet the needs of Cambodian families, helping them secure both their health and financial future,” he added.
Sustainability Drives Progress:
Prudential Cambodia proudly announces its significant progress in 2023, driven by the dual focus on digital transformation and sustainability. It’s initiatives this year reflect sharp focus to enhancing customer experience through innovative digital solutions and promoting sustainable practices that benefit both customers and the broader community.
Green Operations: Prudential Cambodia has implemented several green initiatives to reduce carbon footprint. These include energy-efficient office practices, paperless processes, and waste reduction programs.
Community Engagement: Prudential Cambodia actively engages with local communities to promote sustainable practices. It’s initiatives include educational programs on environmental conservation, support for renewable energy projects, and partnerships with NGOs to address environmental issues.
Sustainable Products: Prudential Cambodia is committed to developing insurance products that support sustainable living, including coverage options for eco-friendly homes and vehicles, as well as incentives for customers who adopt green practices.
Prudential Cambodia’s dedication to community enrichment is evident in its ongoing investments in education and health. "Our commitment to community welfare is unwavering. Initiatives like the Cha-Ching financial literacy and Safe Step road safety programs are continuing to exemplify our approach to building social capital and fostering safer, more informed communities," Mr. Tola commented.
This year, one of the vital focuses of Prudential Cambodia remains on leveraging its omni-channel distribution network to broaden the reach of its insurance and financial services. "This year, as we mark our 11th anniversary in Cambodia, we continue to innovate and drive change, ensuring that we not only meet but exceed the expectations of our clients," he added.
As Prudential Cambodia remains dedicated to driving positive change and delivering value to its clients, stakeholders, and the broader Cambodian society, reinforcing its position as a leader in the insurance industry.
About Prudential (Cambodia) Life Assurance PLC
Since its establishment in 2013, Prudential Cambodia has become one of the largest life insurers in the country, providing customizable solutions to over 430,000 customers.
Prudential Cambodia is an affiliated company of Prudential plc. Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions.
The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme. Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.