Prudential Life Assurance (Thailand) posted record-high financial results in the first quarter of 2023, with the highest weighted first-year premiums in its history as the firm joined the country's top six insurance providers.
The company's weighted first-year premiums grew by 36% year-on-year in the first three months, outpacing market growth of 17%, and increasing the company's market share to 6.7% from 5.7% in the same period of 2022.
Gains happened across various distribution channels, with Prudential Thailand ranking top in digital, third in bancassurance, and fourth in telemarketing as of March 2023.
This success resulted from strong year-on-year growth of 28% in bancassurance, 1,366% in digital, 73% in agency and 21% in telemarketing, said chief executive Bundit Jiamanukoonkit.
"The operational performance demonstrates the strength of the company's digitally enhanced omni-channel 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," said Mr Bundit.
"To help Thais get the most out of life, we focus on inclusivity and diversity and will continue to provide accessible and affordable insurance solutions catered to the unique needs of all types of families and individuals. My commitment as chief executive extends not only to our valued customers, but also to all stakeholders."
Prudential Thailand and TMB Thanachart Bank (ttb), its bancassurance partner, launched a new health product dubbed ttb easy care plus family version, allowing customers to share both outpatient department (OPD) and inpatient department (IPD) coverage among their family members within a single policy.
The product allows customers to share their coverage with a maximum of five people in one family per insurance policy.
To ensure Thais have sufficient protection, Prudential Thailand and ttb partnered with hospital network Bangkok Dusit Medical Services (BDMS) to launch a health insurance coverage plan called "ttb prakan mhao jop jop @BDMS – family version" exclusively for BDMS customers.
Apart from sharing OPD and IPD coverage, the package includes exclusive privileges such as a special discount for room and board, medicine, a health check-up package, and other services at the BDMS Wellness Clinic.