PRUDENTIAL Assurance Malaysia Bhd saw its life insurance new business sales increase nine per cent for financial year 2008.
It posted some RM659 million in new business annual premium equivalent, which consists of regular premium sales plus one-tenth of single premium insurance sales.
New business sales for financial year 2007 were RM606 million.
The growth is for life insurance and takaful contributions generated for the same period.
Prudential said in a statement it has attained the top position in the Malaysia life insurance market.
“Despite challenging market conditions, Prudential has remained resilient by growing its market share to achieve No. 1 position,” said Prudential Assurance chairman Tony Wilkey, also Prudential Corp Asia’s chief executive.
The growth was attributed to Prudential Assurance’s transformation efforts which included accelerating development of wealth planners and agency distribution and innovative product launches.
“We will continue our agenda into 2009 to expand our wealth planner team, enhance agency productivity, introduce appealing products, and to further enhance our customer service delivery,” he said.