Prudential Singapore reports $743m premium sales in 2021

Momentum was supported by growth across the agency and bancassurance channels.

Prudential Singapore’s annual premium equivalent (APE) sales reached $743m in 2021, a 19% increase from the previous year.

In its 2021 financial statement, the insurer said that despite COVID-19 measures, it continued its new business momentum. APE sales was supported by 10% growth in Prudential’s agency channel and 30% growth in its bancassurance channel.

Meanwhile, new business profit increased by 49% to $523m, which according to Prudential reflected higher sales volumes and a favourable shift in product mix towards newly launched, higher margin investment-linked products, re-pricing of with-profits products, and an increase of high margin protection business (such as PruShield) within the health and protection product group. 

The group’s operating profit grew by 16% to $663m.

According to Dennis Tan, Prudential Singapore’s CEO, Singapore is the second largest market of the Prudential group in terms of operating profits.

“Our focus on strengthening our distribution capabilities has been instrumental to deliver on our ambitious growth in the year. With our 5,000-strong financial consultant team and strong bank partners in UOB and Standard Chartered Bank, we have a solid distribution force that is able to grow our business and serve our customers,” Tan said.