Prudential Assurance Malaysia Berhad (PAMB) was established in Malaysia in 1924. For our 2017 financial year which ended 31 December 2017, we achieved RM1.61 billion in new business sales.
New business sales include both life insurance sales and takaful contributions. Takaful products distributed by PAMB’s wealth planners and agents are underwritten by Prudential BSNTakaful Berhad.
As a leading and innovative insurer, PAMB serves the savings, protection and investment needs of Malaysians by offering a full range of financial solutions through its 45 branches and bancassurance distribution partners network nationwide. With more than 1,700 employees, PAMB is committed to helping people achieve their ambitions for a brighter and financially secure future.
PAMB is an indirect wholly-owned subsidiary of UK-based Prudential plc. Prudential plc is incorporated in England and Wales, and our affiliated companies constitute one of the world’s leading financial services groups serving around 26 million customers and has £669 billion of assets under management (as at 31 December 2017). Prudential plc is listed on the stock exchanges in London, Hong Kong, Singapore and New York.
Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
Project Title:
PRUkasih
PRUkasih is a free financial protection plan to support the Government’s initiatives in improving the lives of the urban low-income households (LIHs) in Malaysia. It was birthed in 2011 as a result of a partnership between Prudential Assurance Malaysia Berhad (PAMB) and Yayasan Generasi Gemilang (GG). Through PRUkasih, eligible urban LIHs from participating communities receive temporary financial relief
in the event that the main breadwinner is unable to generate income for the family due to an accident, illness or death. Apart from covering housing allowances and food needs through vouchers, PAMB also provides the affected family with cash for funeral expenses in the event that the breadwinner passes away to help tide them over during a difficult time. The benefits are given out based on the period of days that the breadwinner is on medical leave, up to a maximum period of one year
- As of 2017, we provided 40,000 households across 35 communities’ access to PRUkasih. From there, a total of 12,815 households which can be translated to 18,573 individuals have been protected by PRUkasih. Claims payout amounted to RM 2 million, which covers 1,421 claims (of which 116 are death claims).
- Based on our 6 months statistics (January-June), it has been identified that 90% of families have no savings should an unfortunate event take place and PRUkasih has provided them the peace of mind by supporting in terms of illnesses, sickness or death to assist the families in getting back on their feet. We also notice an increase of awareness on the importance of having a savings plan for contingency purposes.
- On the claims front, 90% of claimants acknowledged the importance of having a plan in case of emergency and felt more secure financially after registering with this program.
What impact has this project created in the community/nation?
As a leading insurer in Malaysia, our core business is to provide financial protection to every Malaysian. However the reality is, not everyone can afford to have the protection they need especially low-income and under-served communities. The reason for us to reach out to the urban low-income households is because we feel that they would be most adversely affected in the event of a mishap. If something unfortunate were to happen to the breadwinner, the livelihood of his/her family could be in jeopardy as they do not have any safety net to fall back on.
The tagline for United Nations Sustainable Development Goals (UNSDGs) is “Leaving No One Behind.” explain how your project helps to realize the commitment of UNSDGs for the future.
PRUkasih supports the Government’s initiative of alleviating poverty in the country and the SDG of No Poverty and Reduced Inequality. PRUkasih provides key financial protection for lowincome families; those who need it the most and yet ironically often cannot afford it. PRUkasih helps low-income families provides them the resources that they need to become more resilient, break free from the poverty cycle and improve their quality of life.This is in support of the national agenda and complements the Government’s initiative of eradicating poverty in the country. This is aligned with UNSDGs tagline of “leaving no one behind”. For us it means that the poor are not left behind as the country continues to progress; it means that they have access to the resources that they need to become more resilient, break free from the poverty cycle and improve their quality of life.
