This year, Prudential celebrates 100 years as a trusted partner and protector in this country.

Over the past century, Prudential Assurance Malaysia Berhad (PAMB) and Prudential BSN Takaful Berhad (PruBSN) have been dedicated to offering inclusive health and wealth solutions to more than 7.1 million customers. During this time, the insurer and takaful provider has paid over RM39.9 billion in claims and contributed investments totaling RM77.5 million to underserved communities.

Through their corporate responsibility programmes, Prudential Malaysia aims to foster sustainability and improve the lives of young individuals and marginalised communities. These initiatives include educational engagements on financial literacy within classrooms, post pandemic relief activities in rural areas, and microinsurance plans tailored to support the B40 group.

“Thank you Malaysia, for your continuous support in the last 100 years. We are proud of our heritage in this country. It has been our privilege to help Malaysians access healthcare, support parents in leaving a legacy, and build financial resilience among children. Your trust in us is what makes us a leading insurer and takaful provider in Malaysia,” said Lim Eng Seong, Chief Executive Officer of PAMB.

Prudential Malaysia has pioneered several first-of-its-kind market solutions. From introducing investment-linked products to a mother and baby insurance solution, Prudential led the way. At the height of the Covid-19 pandemic, Prudential was the first Malaysian insurer and takaful provider to extend Covid-19 goodwill coverage to its customers.

These achievements alongside Bank Negara Malaysia’s Customer Satisfaction Index are testament to the quality service they offer. PAMB is ranked top five within the life insurance industry and PruBSN ranked top five overall life insurance and family takaful industry.

In a reflective tone, the ‘Fulfilling Futures’ report, written by Economist Impact and commissioned by Prudential, looks at how Malaysians across different age groups are saving for their future and the challenges faced by young Malaysians to become financially resilient.

The report noted 48% of Malaysians expressed satisfaction with their financial wellness, while just 25% of 25-33 age bracket are contributing to retirement funds. Moreover, around 38% of these individuals hold more than one job, signifying the evolving nature of economic dynamics.

This age cohort notably has the highest rate of indebtedness. Shifting towards contingent and gig work further adds to these challenges due to variable wages and lack of financial protections.

EPF, the state-funded retirement system, indicated that 47% of workers under 55 had less than RM10,000 (US$2,150) in savings by the end of 2023. This figure signifies a large portion of the workforce’s readiness for retirement.

Enhancing and safeguarding financial well-being remains a top priority for Malaysians. Yet, younger Malaysians typically have fewer contributions to retirement funds compared to their older counterparts. Better financial literacy could potentially aid younger Malaysians exploring riskier investments like ETFs and cryptocurrencies.

Amid these challenges, Prudential Malaysia remains committed to be a trusted partner and protector for this generation and the next.

“Today, 54% of the market is still unprotected, with Takaful penetration still low at 19%. As we look ahead, we want to empower more Malaysians to achieve their aspirations and live healthier, and more fulfilling lives for the next 100 years and beyond,” said Wan Saifulrizal, Chief Executive Officer, PruBSN.

Prudential Malaysia is one of the 4 markets that account for over 90 percent of Prudential plc’s health insurance portfolio. Prudential plc serves 18 million customers across 24 markets in Asia and Africa. To deepen its role in the health care system, it has embarked on a new strategy to enable customers to access affordable health care by better managing health outcomes and controlling medical inflation.

“We believe there is value in extending our role beyond that of a payor focused on reimbursement. To capture growth opportunities in the health insurance sector, we will invest into two priorities”.

“First in upgrading our health insurance propositions adopted across all our markets, and second, extending our role for the customers’ online-to-offline healthcare journeys. I am excited that Prudential Malaysia will bring in these new strategies to meet the ever-evolving needs of their customers and communities,” said Anil Wadhwani, Chief Executive Officer, Prudential plc.

Rising healthcare cost is a growing concern in the country and Prudential Malaysia sees a need for education and promoting transparency as a solution. Its commitment to continuously innovate its products and solutions strives to mitigate emerging trends of rising out-of-pocket payments, thereby securing futures for customers.

“The age old saying of health is wealth is true. This is why we reward our customers for making healthy choices and empower them to make informed decisions when seeking treatment. We also work closely with our healthcare partners so we can maintain high-quality care and reasonable rates to help our customers manage cost,” said Lim.

As Prudential marches past its centenary mark, it remains devoted to instilling financial confidence to meet the changing savings, protection, and investment needs of Malaysians and empower underserved communities. These are but part of Prudential’s commitment as they continue their journey towards creating more fulfilling financial futures.