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Daily Insurance Industry News
Friday 27th of April 2018
July 30, 2008

Pru furthers Asian endeavours with Standard Chartered

by Gill Montia

Story link: Pru furthers Asian endeavours with Standard Chartered

Pru furthers Asian endeavours with Standard Chartered

Prudential is expanding its partnership with emerging markets bank, Standard Chartered.

The companies have been working together since 1998 in an arrangement that enables Prudential to provide savings and insurance products to Standard Chartered customers in Asia.

The new agreement includes Japan and Thailand (alongside Hong Kong, Singapore and Malaysia) and will allow Pru to better promote its accident and health and Takaful Islamic insurance products.

In terms of market coverage, Prudential is the leading Europe-based life insurer in Asia.

Its staff and agents are present in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

According to the group’s chief executive, Mark Tucker, Asian business has grown at a 25% annual compound rate over 14 years, with a significant acceleration of that growth in the past 10 years.

In the first three months of the year, the group recorded a 13% rise in new business sales worldwide with new sales growth in Asia forging ahead of analysts’ expectations to 30%.

Similar progress is expected when interim results are reported later this week.

 

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