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Thailand: Prudential Life Assurance posts record Q1 results

| 06 Jun 2023

Prudential Life Assurance (Thailand) achieved a record-breaking first quarter in 2023, with the highest weighted first-year premiums in the company's history, propelling it into the top six insurance providers in the country.

During the first three months, the company’s weighted first-year premiums grew by 36% year-on-year, surpassing the market growth of 17% and raising its market share from 5.7% in the same period of 2022 to 6.7%.

Prudential Thailand’s success was evident across various distribution channels, achieving the top position in digital, third in bancassurance, and fourth in telemarketing as of March 2023.

Chief executive Bundit Jiamanukoonkit attributed the impressive growth to a 28% increase in bancassurance, a staggering 1,366% in digital, 73% in the agency, and 21% in telemarketing.

He said, “The operational performance demonstrates the strength of the company’s digitally enhanced omnichannel distribution platform. This enabled Prudential Thailand to achieve weighted first-year premiums of 1.98 billion baht in the first quarter, despite considerable COVID-19-related disruptions and economic challenges.”

Mr Bundit emphasised the company’s focus on inclusivity and diversity, aiming to provide accessible and affordable insurance solutions tailored to the unique needs of various families and individuals. He reiterated his commitment as chief executive to serve not only customers but all stakeholders.

In collaboration with its bancassurance partner, TMB Thanachart Bank (TTB), Prudential Thailand introduced a new health product called TTB easy care plus family version. This innovative offering allows customers to share outpatient department (OPD) and inpatient department (IPD) coverage among family members within a single policy, covering up to five people per insurance policy.

To further enhance the protection available to Thai citizens, Prudential Thailand and TTB joined forces with hospital network Bangkok Dusit Medical Services (BDMS) to launch an exclusive health insurance coverage plan named “TTB prakan mhao jop jop @BDMS – family version” specifically for BDMS customers. In addition to sharing OPD and IPD coverage, the package offers exclusive benefits such as special discounts for room and board, medicine, health check-up packages, and other services at the BDMS Wellness Clinic, Bangkok Post reported.