Prudential aims higher sales in 2011

KUALA LUMPUR: Prudential Assurance Malaysia Bhd (PAMB) is confident of surpassing last year's record performance after posting a 13 percent increase in new business sales in the first half of 2011.

The first half results showed the company would record a healthy financial growth this year, Chief Executive Officer Charlie Oropeza told a press conference here today.

For the financial year ended Dec 31, 2010, the insurer's total new business Annual Premium Equivalent (APE) sales -- including both conventional and takaful insurance sales -- climbed 24 per cent to RM1.02 billion.

For the first half of this year, its new business sales grew to RM450 million from RM397 million in the same period last year, with conventional contributing 83 per cent while takaful 17 per cent.

"The excellent results were driven by the successful implementation of our strategies, high productivity by our 12,900-strong agency force and expanding bancassurance business," Oropeza said.

On PAMB's contribution to the new business sales of Prudential Group's operations in Asia, he said the target was to keep it at 12 per cent for the 2011 financial year.

Asia contributed 43 per cent to Prudential Group’s new business APE sales for the first-half of the year.

Meanwhile, PAMB today launched the PRUlife Ready insurance plan for young adults aged between 19 and 25.

"Forty-five per cent of PAMB’s total agency force are between 20 and 29 and the new recruits aged 20 to 29 account for 48 per cent of total new recruits as of the first half of this year.

"This shows the young adults generally understand the importance of insurance and we are positive of the growth," he said. - Bernama