TIDMPRU
RNS Number : 9990Q
Prudential PLC
03 March 2021
Prudential Vietnam and MSB Extend and Expand
Successful Bancassurance Partnership
Prudential Vietnam Assurance Private Limited ("Prudential
Vietnam"), a subsidiary of Prudential plc, and Vietnam Maritime
Commercial Joint Stock Bank ("MSB") have renewed their strategic
bancassurance partnership for a 15-year term. The new agreement
significantly expands the geographical scope to include North
Vietnam, where MSB is headquartered. With this expansion,
Prudential Vietnam will become MSB's single partner nationwide.
Prudential Vietnam is a leading life insurance company with over
1.6 million customers and a footprint of over 350 sales offices
across 63 provinces. MSB is a fast-growing bank with 62 branches
and 201 transaction offices in 51 cities/ provinces in Vietnam; as
at end-December 2020, MSB had more than 2.36 million retail
customers and 57,000 corporate clients. Prudential and MSB have
been collaborating since 2013 and have built a highly successful
bancassurance partnership which delivered a 34 percent compound
annual growth rate in APE between 2014 and 2020.
The expanded partnership reinforces Prudential Vietnam's strong
presence in bancassurance, the fastest growing channel in Vietnam,
which accounted for 30 percent of the overall market in 2020
compared to 13 percent in 2017 [1] . Prudential Vietnam is the
leader in bancassurance in Vietnam with more than a 20 percent
share of new business from this channel [1] , reflecting its strong
product proposition, relationships and customer service
capabilities. The expanded alliance is also strongly aligned with
MSB's own aspiration of being a partner in its customers' lives, by
providing a suite of world-class insurance solutions and advanced
digital services.
Vietnam's life insurance sector has significant growth potential
with insurance penetration of only 1.6 percent [2] as well as a
sizeable health protection gap of US$36 billion [3] . Despite the
disruptions caused by the Covid-19 global pandemic, Vietnam's
economy grew 2.9 percent last year and is forecast to grow 7
percent per annum over the next five years [4] . This positive
macroeconomic outlook will underpin strong demand for life, health
and savings solutions.
Under the renewed partnership, Prudential Vietnam and MSB will
expand into new segments, including digital, to deliver holistic
protection solutions to customers. With a digital-focused approach
that is aligned with MSB's, Prudential Vietnam plans to leverage
existing digital tools, such as its artificial intelligence-powered
application Pulse by Prudential, to seize further growth
opportunities for the partnership.
Mr Nic Nicandrou, Chief Executive of Prudential Corporation
Asia, said, "Vietnam is an important market and source of growth
for Prudential. The renewal and expansion of our long-term
partnership with MSB represents a tremendous opportunity for
Prudential to build on its strong presence in the market. It is a
clear demonstration of our commitment to serving MSB's customers,
helping them get the most out of life with our leading suite of
health and wealth solutions."
Mr Phuong Tien Minh, Chief Executive Officer of Prudential
Vietnam, said, "Prudential Vietnam has built a highly-effective
bancassurance partnership with MSB since 2013. We are delighted to
be taking the partnership to the next level as we deliver our
innovative offerings to MSB's customers through existing as well as
new channels, including digital. We look forward to continuing our
strong relationship with MSB for another 15 years."
Mr Nguyen Hoang Linh, Chief Executive Officer of MSB, said, "We
have enjoyed a very successful partnership with Prudential Vietnam
and this reinforced our decision to extend the partnership and
expand its scope to cover all of Vietnam. Together with Prudential
Vietnam, we will remain focused on providing best-in-class
financial and investment solutions to consumers across the country,
helping them fulfil their evolving needs and providing them with a
secure future."
Contact:
Media Investors/Analysts
Jonathan Oliver +44 (0)20 3977 9500 Patrick Bowes +44 (0)20 3977 9702
Tom Willetts +44 (0)20 3977 9760 William Elderkin +44 (0)20 3977 9215
Ee Ching Tan +852 2918 6396 Darwin Lam +852 2918 6348
About Vietnam Maritime Commercial Joint Stock Bank (MSB)
MSB was established in 1991, with headquarter in Hanoi, Vietnam.
In our 30-year journey, MSB has consistently pursued an ultimate
vision - "Becoming a bank which everyone wants to join and nobody
wants to leave", and been driven by a mission - "For a more
convenient and comfortable life" of our clients, employees,
shareholders and community. MSB has 62 branches and 201 transaction
offices in 51 cities/ provinces in Vietnam; as at end-December
2020, the bank had more than 2.36 million retail customers and
57,000 corporate clients. MSB has relentlessly invested in the
upgrade of technology platform, improved product, and service
quality based on understanding customer's demands; developed of
human resources, created a professional and high-performance
working environment and especially focused on the formulation of an
international standard-based bank and risk governance model to
ensure sound and sustainable growth. Continuously in 2017, 2019 and
2020, MSB was honored "Best Bank in Vietnam" by Global Finance. MSB
has recently awarded "Best Trade Finance Bank Vietnam 2020" by
International Finance.
About Prudential Vietnam
Prudential Vietnam is a subsidiary of Prudential plc, an
Asia-led portfolio of businesses focused on structural growth
markets. It has operated in Vietnam for over 20 years and is
focused on expanding the life insurance market and changing
people's perception of insurance. As of 31 December 2020,
Prudential Vietnam had over 223,000 financial consultants, over 350
sales offices, as well as a nationwide network of partnerships with
eight reputable banks to serve over 1.6 million customers.
Prudential Vietnam is also a pioneer in applying modern technology
to simplify their processes and enhance the customer experience, as
well as support the community on their health journey in Vietnam.
With a new brand commitment "Listening. Understanding.
Delivering.", Prudential Vietnam reaffirms its commitment to always
putting customers first, delivering innovative and comprehensive
solutions to support their evolving needs for a healthier and
wealthier life, while making engagement easier for today's
digital-savvy customers.
About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps people get the most
out of life through life and health insurance, and retirement and
asset management solutions. Prudential plc has 20 million customers
and is listed on stock exchanges in London, Hong Kong, Singapore
and New York. Prudential plc 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.
[1] Vietnam Actuarial Working Group
[2] Swiss Re, 2019
[3] Swiss Re
[4] Centre for Economics and Business Research
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