The firm today attributed its performance to “phenomenal growth” in its distribution channels, innovation in products and services, and an expansion in the affluent and high net worth sector.
“Prudential Singapore saw a record breaking year in 2011,” said chief executive officer Kevin Holmgren. “These exceptional results are testament to the success of our strategy and direction.”
The company reported “sturdy” regular-premium sales and said it has a market-leading position in the linked, regular-premium participating, and regular-premium non-participating segments.
Continued strength in its distribution channels was a key factor in its performance, Prudential added. The company noted that new business from its established tied agency grew by 6% while, on the bancassurance front, its partnerships division registered an increase of 82%.
The Prudential Singapore announcement follows the publication of results yesterday, which showed that its parent company generated total profits of £2bn ($3.1bn) last year.