Prudential Singapore commits S$880,000 to support vulnerable families and sustainability efforts
In a news release on Wednesday (Jun 18), Prudential said the investment will go towards distributing hampers to over 1,100 ComLink+ families residing in the vicinity of the new office. These hampers include items such as hygiene and household cleaning items.
There will also be a cash donation to the Prudential Longevity Pledge, a fundraising programme established in partnership with Community Chest in 2021 to support vulnerable groups in the community.
The donation will go towards the Healthy with KidSTART programme, which was launched in 2020 as a collaboration between Prudential and KidSTART to promote healthy eating habits among children aged six and under.
The investment will also help establish community edible gardens with the launch of a new initiative called Healthy Harvest later in the year.
Prudential said these gardens serve as social green spaces, encouraging sustainable gardening activities and healthy eating through the distribution of fresh produce grown there.
'As Singapore marks its 60th year of independence and Prudential moves to its new office at Labrador Tower, we want to celebrate by investing in the wellbeing of our community,' said Prudential Singapore chief executive officer Chan San San.
The move to the new office was completed in May this year. Located along Pasir Panjang Road, the company occupies over 170,000 square feet and eight-and-a-half floors to house 1,200 employees and 5,400 financial representatives.
An event was held on Tuesday to open the office, where chief executive officer Anil Wadhwani and representatives from the insurer's key business partners and community partners were in attendance.
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Business Times
5 days ago
- Business Times
A history of philanthropy and corporate social responsibility in Singapore
[SINGAPORE] While corporate social responsibility (CSR) has gained prominence in the 21st century, giving-back efforts in Singapore have long pre-dated its independence in 1965. The Business Times takes a look at the Republic's history of philanthropy and CSR, examining some of the companies that helped build Singapore and a few of its oldest-operating charities. Pre-independence: Early 20th century Giving-back efforts were individualistic and mainly done by various charities, global organisations, and family foundations. Tan Li San, chief executive of the National Council of Social Service (NCSS), said: 'Early philanthropy before Singapore's independence was rooted in community-based giving, with few organisations engaged in social service.' Melrose Home, a residential home serving children and youths facing adverse circumstances, is run by Children's Aid Society, one of Singapore's oldest secular philanthropic organisations. PHOTO: CHILDREN'S AID SOCIETY After World War II, the public, private and people sectors worked together to rebuild Singapore. In June 1946, the Department of Social Welfare was established. The Singapore Council of Social Service (SCSS) was set up in 1958 to coordinate the activities of charities. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up Tony Soh, CEO of the National Volunteer and Philanthropy Centre (NVPC), said: 'Singapore's giving landscape has matured… starting from a philanthropist-driven approach to a more holistic one in which there is a broader definition of giving, with participation from varied stakeholders.' Post-independence: Formation of central bodies The government emphasised self-reliance, with corporate donations supporting the work of welfare organisations. In the mid-1960s and 70s, voluntary welfare organisations were set up to cater to marginalised groups. In 1983, Community Chest was established under SCSS as a central fundraising body. In 1992, SCSS was restructured to become NCSS, and NVPC was later formed to promote volunteerism. Martin Tan, CEO of The Majurity Trust, said: 'These platforms have played an important role in formalising giving in Singapore.' Tony Tan, executive director of CapitaLand Hope Foundation, and chief corporate officer of CapitaLand Development, said: 'Entities like Community Chest and NVPC… provide platforms that foster collaboration among corporates, non-profits and like-minded partners.' Janet Young, head, group channels and digitalisation, strategic communications and brand, UOB, concurred and added: 'In the early years, our involvement was rooted in straightforward acts of giving – supporting annual fundraising drives and rallying our employees to contribute through Community Chest's Share programme.' UOB employees and children from the Care Corner Student Care Centre (Woodlands) in 2018. PHOTO: UOB Companies which gave back did so through ad-hoc or more short-term efforts. Kingston Kwek, governor of Hong Leong Foundation, said: 'We recognised the need for longer-term initiatives to deliver sustainable value and drive greater impact.' 2000s: Government support Tan Bee Yit, regional officer of Salvation Army for the Singapore region, said: 'Singapore's 'Many Helping Hands' approach, introduced in the mid-1990s, laid the foundation for a strong partnership between individuals, families, communities and the government.' Some companies established corporate social responsibility (CSR) initiatives. For example, in 2000, StarHub launched the StarHub Sparks Fund. Jaclyn Yeo, head of sustainability, StarHub, said: 'Over the years, we've supported everything from the local arts scene in 2005 to promoting sports as a force of good in 2010.' In 2003, the Temasek Board adopted a policy to set aside a portion of net positive returns for community giving. Four years later, Temasek established Temasek Trust to manage and disburse endowment funds, and Temasek Foundation to develop and roll out community programmes. In 2004, the Ministry of Manpower, National Trades Union Congress, Singapore National Employers Federation and the Singapore Business Federation formed the National Tripartite Initiative on CSR to help businesses align their practices with internationally recognised standards. The government started providing tax incentives for cash donations to charities with Institute of Public Character status in 2005. In 2023, the 250 per cent tax deduction was extended until end-2026. The first study on CSR conducted in 2008 by NCSS found a 'low level of awareness', at 40 per cent of 507 Singapore-based enterprises. NCSS' Tan said: 'CSR was still at its nascent stage, and (this) in some part, was due to the assumption that a company must be successful to engage in CSR activity.' 2010s-2020s: CSR gains prominence The platform lowers barriers for everyday giving. PHOTO: The launch of the national platform in 2015 lowered barriers for everyday giving. NVPC's Soh said: 'It provides businesses and their employees with a simple and transparent way to discover local causes and make regular contributions.' NCSS' Tan said: 'The Covid-19 pandemic… accelerated the digitalisation of social services and exposed gaps in digital access among communities in need.' Companies moved beyond monetary donations to engage the community more. For example, SP Group established the SP Heartware Fund in 2005 and supports vulnerable seniors through befriending and caregiver support. Since 2021, it has extended this support to children and youth. Companies formed more partnerships with charities and non-profits to ensure there is long-term impact. For example, OCBC's Families100 programme supports lower-income families with children living in rental flats over a one-year period, providing financial and academic support. The inauguration of OCBC Centre in 1976. The bank has several long-term partnerships to give back to the community. Companies started emphasising the importance of staff volunteerism. For example, City Developments Limited's employee volunteer platform, City Sunshine Club, works with community partners to organise programmes for the underprivileged. Companies' CSR journeys have evolved to include skills-based volunteerism. For example, Andrew Buay, vice-president of sustainability, Singtel Group, said the Singtel Enabling Network Innovation Centre and Singapore Business Network on DisAbility allowed for skills training and assistive technologies in support of employment and work transition. Andrew Buay, vice-president of sustainability, Singtel Group, engaging student beneficiaries during the launch of Expressions Through Art 2024 held at Gardens by the Bay. PHOTO: SINGTEL What's next? Funds are still important. For example, the CapitaLand Community Resilience Initiative is a S$3 million commitment to fund projects focused on mental health, education and youth empowerment in Singapore, China, India and Vietnam. Community engagement programmes to support various programmes and causes. Sands Cares by Marina Bay Sands has grown from 10 to 15 programmes annually in the early 2010s to more than 50 programmes annually today. Marina Bay Sands' annual charity festival Sands for Singapore features beneficiary groups such as APSN selling goods. PHOTO: MARINA BAY SANDS Addressing emerging social needs in society, such as mental health and Singapore's ageing population. For example, Singtel has helped individuals with mental health conditions upskill, while CapitaLand has supported more than 100,000 seniors to date via its programmes. Going further into skills-based volunteerism. For example, Singapore Exchange (SGX) runs a financial literacy programme that has reached more than 22,000 individuals. Pol de Win, head of global sales and origination, SGX Group, said: 'We're also looking to expand our reach into areas like digital inclusion (and) youth empowerment.' Supporting inclusive efforts. For example, Resorts World Sentosa has hosted groups of persons with disabilities at its attractions. This year, Resorts World Sentosa hosted more than 30 persons with disabilities at the Harry Potter: Visions of Magic exhibition. PHOTO: RESORTS WORLD SENTOSA A greater range of companies are committed to giving back, such as small and medium enterprises (SMEs). NVPC's Soh said: 'In 2025, 77 per cent of all conferred companies are SMEs, signalling that giving is no longer limited to large corporations.' The Majurity Trust's Tan said: 'This shift… is only set to grow, especially as younger employees seek purpose-driven ways to contribute through their workplaces.' Charities have also evolved to cater to a greater range of needs and beneficiaries. Here are what some of the oldest charities in Singapore have to say: Salvation Army's Tan: 'Over the past 90 years, it has evolved to become a multi-service organisation addressing a broad range of social needs at different life stages.' Sandra Leong, executive director of YWCA Singapore: 'YWCA has pioneered many women-centred initiatives over its 150 years in Singapore depending on needs of that time.' Alvin Goh, executive director, Children's Aid Society: 'When Children's Aid Society was established in 1902, our focus was on providing food and shelter for children who had been abandoned or whose families were unable to care for them due to poverty. Today, our work is centred on supporting those who have experienced adverse life circumstances such as abuse or neglect through residential care and specialised therapies.' Children's Aid Society, established in 1902, continues to provide support to children and youth who have undergone adverse childhood experiences. PHOTO: CHILDREN'S AID SOCIETY Additional reporting by Ilyas Salim and Vivien Ang
CNA
06-08-2025
- CNA
Prudential strikes deal to end 6-year court battle with Malaysian partners, including tycoon Vincent Tan
KUALA LUMPUR: British insurance giant Prudential has reached an out-of-court settlement on a long-running shareholding dispute with its erstwhile partners in Malaysia, led by businessman Vincent Tan Chee Yioun of the Berjaya group of companies and including members of Johor's royal household. Financial executives and lawyers close to the deal told CNA that under a complex multi-million dollar settlement plan reached last week, the insurer is set to acquire an additional 19 per cent equity in Prudential Assurance Malaysia Berhad (PAMB) from a Tan-led Malaysian company called Detik Ria. The proposed deal, which still requires regulatory approval from Malaysia - including from the Ministry of Finance and Bank Negara Malaysia, the country's central bank - will see Prudential increase its holdings in PAMB to 70 per cent, up from 51 per cent. Prudential and Detik Ria have been locked in a legal battle in Malaysia since 2019 over a dispute on their PAMB shareholdings and more recently, over dividend payments. Detik Ria will retain the remaining 30 per cent interest in PAMB following the proposed sale to Prudential. Detik Ria has begun talks with local institutional investors with the view to exit its equity interest completely from PAMB, the financial executives and lawyers added. Pricing details remain sketchy, but two financial executives told CNA that the deal between Prudential and Detik Ria, which also features an out-of-court settlement of the shareholders' dispute over dividend payments, could amount to over RM850 million (US$201 million) in total for Berjaya's Tan and his partners. 'This deal will end all litigation and both parties have resolved all matters to the joint venture,' said one senior financial executive close to Berjaya's Tan. Malaysian media have reported on the shareholder dispute previously, but not on the latest settlement and the planned disposed of the equity interest by Detik Ria in PAMB. Tan declined official comment for this article, but financial executives close to the businessman said that an announcement would be made after the Malaysian regulatory approvals are obtained. Executives of Prudential also did not respond to CNA's queries regarding the company's plan to raise its interest in PAMB to 70 per cent, which is the maximum foreign entities can own under rules set by the Malaysia government. If approved, the deal will give the multinational company firmer control over its Malaysian operations vested in PAMB. A senior Prudential executive from the company's headquarters in London did hint at a complete settlement to the fight with Detik Ria when contacted by CNA last week. 'This is the end of it,' the executive said in a terse mobile-chat message, referring to the long-drawn court battle. Prudential had filed a lawsuit in Malaysia against Detik Ria in 2019 over a shareholding dispute. This stems from a move by Detik Ria in 2018 to rescind an earlier agreement it entered with Prudential in 2008 to sell its entire interest in PAMB. By the time Detik Ria sought to back away from the sale, the company led by Tan had already received roughly RM109 million of the total disposal price tag of RM114 million. Prudential's suit sought to enforce the disposal agreement by Detik Ria and the insurer subsequently received judgments in its favour from Malaysia's High Court and Court of Appeal. However, the Federal Court, Malaysia's apex judicial institution, ruled in July 2024 that the agreement was not valid without the approval from the Ministry of Finance. In April, Prudential filed for a review of this ruling claiming procedural illegality and denial of justice, but this final bid for full ownership of PAMB was rejected by a different Federal Court panel of judges in June. Meanwhile, Detik Ria filed a fresh suit in late April against Prudential seeking a settlement of US$833 million over disputed dividend payments for its equity in PAMB. But this dividend payment dispute was also resolved last week, with Prudential announcing last Thursday (Jul 31) that it will pay US$83 million to Detik Ria as settlement. The insurer also agreed to waive a US$33 million debt owed by Detik Ria under the settlement agreement, which Prudential said in a statement represents a 'full and final' resolution to the Malaysian firm's April suit filed in the High Court. 'The settlement of this case does not impact Prudential's control in respect of PAMB and its operations, nor does it affect our service commitment to our customers,' the Prudential statement added. It is unclear why Detik Ria settled for roughly 10 per cent of what it was demanding in its legal action. CENTURY-OLD PRESENCE AND CONVOLUTED CORPORATE SETUP The agreement between Prudential and Detik Ria ends one of the longest and closely scrutinised corporate battles in recent history in Malaysia because of legal uncertainties and questions over regulatory complexities it raised on cross-border joint ventures. Prudential, which is listed in the United Kingdom and Hong Kong stock markets, began operations in what was then known as Malaya in 1924, before the country's independence in 1957. In 2002, the company opted to firmly establish its roots in Malaysia by entering into a joint venture with Detik Ria to comply with the local shareholding guidelines under Malaysia's New Economic Policy. The 20-year policy, which began in 1970, essentially called for at least 30 per cent of the nation's corporate equity to be in the hands of bumiputras - defined as races indigenous to Malaysia and primarily ethnic Malay. After its expiration in 1990, the policy was replaced by other programmes favouring ethnic Malays in areas of education, senior civil service positions and access to economic opportunities. Prudential settled for one of Malaysia's most politically well-connected businessmen, Berjaya's Tan, as its partner. At the time, Tan, who left school at 16 to become a bank clerk by day and part-time life insurance by night, had established himself as a highly influential businessman during the more than two-decade premiership of Mahathir Mohamad that began in 1981. Berjaya was by then one of Malaysia's largest conglomerates with diversified interests in property, hospitality, gaming, telecommunications and consumer marketing. Tan continues to lead the company, which recently secured rights to roll out Malaysia's second 5G mobile network. Like most corporate deals that are structured to navigate the many complexities of local shareholding requirements, the Prudential-Detik Ria setup was convoluted. According to court filings widely reported in the Malaysian media, both parties set up a private firm known as Sri Han Suria that would act as holding company for PAMB. Prudential held a controlling 51 per cent interest in Sri Han Suria, while Detik Ria, which is led by Tan and has nine other shareholders with close ties to the businessmen, held the remaining 49 per cent. Another prominent shareholder in Detik Ria is Persada Majestik, a private company wholly owned by Tunku Tun Aminah Sultan Ibrahim, the daughter of Malaysia's King Sultan Ibrahim Sultan Iskandar. Sultan Ibrahim is also the head of the Johor royal household. OTHER FOREIGN PLAYERS According to international analytics firm Global Data, Malaysia's general insurance industry is forecast to grow at a compound annual growth rate of 7.8 per cent from RM22.6 billion in 2024 to RM30.5 billion in 2028, in terms of direct written premiums. The sector has also long been dominated by foreign players and regulator Bank Negara has been pushing for a consolidation of the industry through mergers with local players since the late 1980s. Two of the country's largest players, AIG and Great Eastern Group, remain wholly owned entities of their United States and Singapore corporate parents respectively. They have long resisted complying with the shareholding caps, which require a minimum of 30 per cent local participation that Bank Negara, Malaysia's central bank, has been trying to enforce, though it grants exemptions on a case-by-case basis. One reason that these groups have managed to temporarily fend off shareholder restructuring efforts is simply because there are not many companies apart from large government-owned institutions that have the financial heft to take on the role as partners. Insurance industry executives say that both AIG and Great Eastern have also long insisted in their private consultations with the government that their licences to operate in Malaysia pre-dated the New Economic Policy. Newer entrants to the Malaysian insurance market have generally complied with the restructuring initiative.
Straits Times
04-08-2025
- Straits Times
The subtle, yet impactful role financial representatives play in times that matter
Whether it is managing medical claims, end-of-life decisions or building an education fund, these Prudential Singapore financial representatives bring empathy and clarity at every step From left: Prudential financial representatives Wang Ying, Jean Guan, and Zhang Yun Hao help clients build confidence in planning for their health and wealth. What began as a routine chat about a savings plan became a life saver for a young woman. She bought a medical insurance plan which covered her treatment when illness struck five years later. Ms Wang Ying, 31, a senior executive wealth manager at Prudential Singapore , remembers the case clearly. The customer, then in her mid-20s, was healthy and just starting her financial journey when she approached Ms Wang to grow her savings. But something was missing. 'She didn't have any hospitalisation coverage. I told her, before anything else, she needs to have an Integrated Shield Plan as it builds on her MediShield Life coverage,' says Ms Wang. 'I have customers who have benefitted from having a Shield plan as they have a wider range of healthcare options and are better protected against large medical bills in times of unexpected medical emergency.' The client took her advice and purchased the medical insurance plan. Today, she is in remission, married and has bought her first home. 'It's been incredibly heartening to see her moving forward with such strength and positivity,' says Ms Wang. 'One of the biggest misconceptions is that health insurance can wait. In fact, it should be the first plan you consider, especially when you're young, healthy and likely free from chronic illness.' Start with health, then build wealth Ms Wang Ying, a senior executive wealth manager, has been with Prudential for almost 10 years and credits her growth to comprehensive product trainings and meaningful hands-on experiences. PHOTO: PRUDENTIAL SINGAPORE At Prudential, financial representatives (FRs) are trained to take a health-first approach, ensuring their customers are adequately protected for hospitalisation and critical illness before building their wealth portfolios. 'Health insurance provides peace of mind. When customers know they are protected, they are ready to plan for the future,' says Ms Wang. With that foundation in place, she then guides her clients towards personalised financial planning strategies tailored to their goals. Ms Wang has been with Prudential for nearly a decade. Since 2018, she has been a member of Prudential's President's Club – the company's top honour for excellence – and has achieved the Top of the Table (TOT) accolade three times, the highest tier of the Million Dollar Round Table (MDRT) benchmark. MDRT is a global association of top financial professionals in the insurance and financial services industry. Members are expected to uphold strong ethics and professionalism and often mentor others while supporting their peers' development. Ms Wang credits her growth to Prudential's product trainings and the hands-on learning that comes from walking customers through real-life claims. 'Experience is the best teacher,' she adds. Impact in every step As a financial services director, Ms Jean Guan champions Prudential's MDRT culture of sharing and guides her team to navigate challenges and discover purpose in their work. PHOTO: PRUDENTIAL SINGAPORE For Ms Jean Guan, 39, the interest to prioritise insurance is personal. At 16, she lost her father in an accident. He had no health coverage. 'The emotional toll was heavy, but the financial strain made it even harder,' says Ms Guan. 'I've spent my entire career trying to make sure other families don't have to go through what I did.' That early loss has shaped Ms Guan's approach to her work throughout her 16-year career at Prudential. When a close friend passed away overseas during a trip, Ms Guan found some comfort in being able to support the grieving family – handling the claims process and ensuring they had the financial relief they needed during a difficult time. For her, moments like these are a powerful reminder of the value behind the work that she does. Today, Ms Guan is a financial services director who has achieved 5 TOTs and 15 MDRTs, and leads a team of 13 FRs at Prudential. She describes her leadership style as empathetic and someone who walks the talk. 'I believe in mentorship through action. I lead by doing – attending joint appointments with my FRs, sharing knowledge during trainings, and planning ahead,' she says. Her leadership is grounded in what she calls 'heartwork': Guiding others to grow through discomfort, stretch beyond their limits, and find fulfilment in serving with sincerity and purpose. Ms Guan is also a strong advocate of Prudential's MDRT sharing culture, where top-performing FRs across agencies come together to learn, grow and exchange best practices, raising the bar for customer service. She frequently attends global MDRT conferences and brings insights back to mentor her team. 'This career is not just about numbers. It's about creating impact,' she says. 'I fight for dreams, protect legacies, and remind people they are worth planning for.' Nurturing the next generation Ms Guan's commitment to mentorship reflects a broader culture at Prudential – one that values growth and collaboration. One rising star who embodies this growth mindset is 23-year-old senior financial consultant Zhang Yun Hao, who became a Court of the Table (COT) achiever just two and a half years after joining Prudential straight out of university. The COT accolade is a higher level of recognition within the MDRT, awarded to top performers in the global insurance and financial services industry. A business graduate, Mr Zhang was first drawn to Prudential after attending a networking session for potential recruits, where he met his future team. Their warmth and sincerity left a lasting impression. It is a quality he now brings to his own client relationships. 'I always start by really understanding my customer's goals, responsibilities and concerns,' says Mr Zhang. Senior Financial Consultant Zhang Yun Hao reached Court of the Table status in two and a half years, thanks to Prudential's strong training ecosystem and mentorship. PHOTO: PRUDENTIAL SINGAPORE He once assisted a customer who was planning for his daughter's future education in Italy. Although the customer was uncertain about the types of plans he needed, his goal was clear – to give his daughter the best support possible. Mr Zhang guided him through the entire process, from estimating education and living expenses, to mapping out timelines and discussing whether his daughter might return to Singapore after graduation. 'My customer reviewed his financial plan and optimised his investments to ensure his daughter's education is well funded while maintaining his own financial stability for the future,' he adds. Mr Zhang credits his rapid growth to Prudential's strong training ecosystem. Programmes like the enhanced Management Associate Programme and Financial Consultant Induction Programme provided him with deep product knowledge, strategic planning skills, and opportunities to shadow senior financial representatives during high-net-worth (HNW) client meetings. One day, Mr Zhang hopes to take on a managerial role, guiding the next generation of financial representatives to achieve MDRT, COT, or TOT status early in their careers, while maintaining a strong commitment to customer service. 'Just a year into my career, my agency leader drew up a career plan for me to ensure it's aligned with my aspirations of becoming a leader. I see myself growing with the company and helping more people get the protection they need to be financially prepared for the future,' says Mr Zhang. Mr Rom Lee, Prudential's chief agency officer, says the stories shared by Ms Wang, Ms Guan, and Mr Zhang embody the MDRT culture of sharing and reflect the company's guiding principles – empathy, trust and a commitment to making a meaningful difference in people's lives. 'Their dedication to protection-first planning, mentorship and long-term customer care exemplifies the company's vision of being a trusted partner through every stage of life,' he says. 'When they live these values and inspire others to do the same, they strengthen the driving force behind our agency's impact, ensuring every customer feels valued, supported and cared for.'
