Vietnam - 19 January 2008
(Ho Chi Minh City) Prudential Vietnam Assurance launched its new PRUlink product, the first investment-linked life insurance product in Vietnam. PRUlink is an innovative combination of protection, saving, and investment that offers customers the benefits of life insurance with the additional option to invest in funds.
With the introduction of PRUlink, Prudential aims to offer customers a new and exciting alternative to financial products currently being sold by the company in Vietnam and the wider financial services market. Introduction of this product category further strengthens Prudential Vietnam's commitment to provide local Vietnamese customers with world-class, innovative products and services.
Key benefits of PRUlink are:
- 2-IN-1. In addition to providing life insurance protection, PRUlink enables customers to invest in equities and bonds through investment funds.
- FLEXIBILITY. Customers can make additional investments, change investment proportions between investment funds, or change their fund selection. Customers can also change the sums-assured amount or premium, or withdraw money by selling their units in a fund.
- ADDITIONAL PROTECTION. Beyond financial protection in the event of death, PRUlink offers customers the choice of supplementary protection against accidents, major medical conditions and hospital expenses, etc.
- INVESTMENT EXPERTISE. Customers benefit from the investment expertise of Prudential's market leading fund management company in Vietnam.
- TRANSPARENCY. Information about the performance of the funds is published on a weekly basis, and available through more than 80 customer service centers across Vietnam.
One of the key innovative features of PRUlink is the flexibility to choose an investment fund that matches their individual investment objectives and desired level of risk. To meet the varying investment objectives of consumers, Prudential offers five PRUlink fund options:
- PRUlink Vietnam Bond Fund
- PRUlink Stable Fund
- PRUlink Balanced Fund
- PRUlink Growth Fund
- PRUlink Vietnam Equity Fund
Mr. Binayak Dutta, CEO of Prudential Vietnam Assurance, said: "We are proud to be the pioneer of investment-linked products in the Vietnam market. It is an ideal time for Prudential to launch this product, as the country's economy continues to achieve sustainable high growth and while financial markets and the investment environment strengthens to provide growth opportunities for the future".
Prudential Vietnam is the first life insurer in the market to be license to market investment-linked products by the Ministry of Finance (GPĐC7/KDBH/ BH-BTC dated 15 January 2008). This reflects Prudential's outstanding business performance in Vietnam and ability to satisfy several requirements to market investment-linked product successfully, such as its capital, solvency, infrastructure and system readiness, professionalism and experience of agency force and investment team.
Prudential Vietnam launched a new website (www.prulink.com.vn) to provide detailed information about the product.
Nguyen Ba Bach
(04) 9360960, ext. 214
Nguyen Vu Anh
(08) 8228633, ext. 1124
About Investment-Linked Products ( ILP )
Investment-linked insurance is an insurance product where the benefit and premium is divided into insurance coverage and investment. The policyholder can choose the premium and the sum assured during the policy term. The policyholder can also choose their desired investment funds. The policyholder earns the investment return and bears all investment risks from the selected investment funds.
ILP is widely marketed in Europe, North America and Asia and has proven very popular with consumers.
Prudential, with 160 years of experience and strong financial growth, is managing assets worth over USD 510 billion (as at 30 June 2007). Prudential has successfully introduced ILP products into the Asian market in China, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, South Korea, Taiwan and Philippines with millions of customers.
About Prudential Vietnam Assurance
Prudential Vietnam Assurance has been operating in Vietnam for more than eight years, serving millions of Vietnamese customers through more than 80 Customer Service Centers, Offices, Branches and General Agent Offices in 56 provinces throughout the country. Prudential is the leading life insurance company with over 41% market share of the total premiums (as of Q3 2007 YTD). The efforts of the company have been recognized by the Government and people of Vietnam receiving the award of the "Golden Dragon" for six consecutive years from 2002 - 2007 with title "The favorite service of customers"; a certificate from the Ministry of Planning and Investment "Most outstanding foreign invested company"; the title "Number 1 brand in the sector of Insurance - Banking - Finance"; in a customer survey conducted by the Vietnam Chamber of Commerce and Industry (VCCI) and market research company AC Nielsen in April 2006 referred to the company as "One of the most wellknown brands in Vietnam". In 2007, PVN was the only life insurance company to receive the prize "Vietnam the best" of the online newspaper VietnamNet for significant contributions to the Vietnam economy. On the 6 January 2008 PVN received the "Top trade service 2007" award from the Ministry of Industry and Trade.
In addition to life insurance, Prudential also operates market leading fund management and consumer finance businesses in Vietnam. Prudential Vietnam Fund Management Company (PVFMC) was established in June 2005 and is today a leading institutional fund manager with the largest investor base in Vietnam. PVFMC brings to its investors and investee companies an established international experience combined with the strong expertise of its local investment professional team. As of December 31st., 2007, PVFMC managed total investment funds worth over USD 1.4 billion, serving about 9,300 customers throughout the country.
Prulink policyholders can take advantage of PVFMC's established international experience, local professional expertise, disciplined investment philosophy, extensive fundamental investment research, thorough security selection process, efficient risk management approach and access to many of the best investment opportunities in equities and fixed income securities in Vietnam.