Prudential plc to open branch in Macau to provide life and health insurance solutions
- Written by The Bulletin
MACAU and HONG KONG SAR - Media OutReach - 26 January 2023 - Prudential plc (Prudential) today announced it has received approval from the Macau Special Administrative Region to establish a branch of its Hong Kong business in Macau.
With the addition of Macau, Prudential will have a presence in 24 markets across Asia and Africa.
Prudential will initially offer life and health insurance solutions in Macau through its digitally-enhanced agency force. These solutions include multi-currency options to meet customer needs in savings, healthcare and protection.
Lilian Ng, Managing Director, Strategic Business Group, Prudential said the new Macau branch completes the company's footprint in China's Greater Bay Area (GBA).
The GBA is made up of nine cities in the Guangdong Province and the two Special Administrative Regions of Hong Kong and Macau. Its substantial population of 86.7 million people contributed to 11 per cent of China's GDP[1] in 2021.
"While we have seen rapid economic development in Macau, insurance penetration remains low. With the city's fast-ageing population, there is strong demand from its residents for solutions that can help them access private healthcare facilities in Macau and elsewhere in the GBA.
"The Macau branch will play a pivotal role in our strategy to make healthcare and financial security more accessible to people in the GBA, as we leverage our 50-year experience of providing insurance to customers in Hong Kong," said Ng.
Macau has a life insurance penetration rate at 6.4 per cent in 2021[2] - slightly over one-third of Hong Kong's 17.3 per cent. In 2021, the gross written premium of Macau's life insurance industry grew 26 per cent year-on-year to reach MOP 33 billion[3] (approximately USD 4 billion[4]), driven by rising demand for protection and wealth accumulation products in the city.
Lawrence Lam, Chief Executive Officer of Prudential Hong Kong, who will have management and performance oversight of the Macau branch, said, "We are delighted to have the opportunity to offer our innovative insurance solutions to the people of Macau. The establishment of the Macau branch is a key milestone for the Group's GBA strategy."
Chris Ma appointed as General Manager of Prudential Macau
Prudential has appointed Chris Ma to be the General Manager of Prudential Macau with immediate effect. In this role, Ma will be responsible for driving the operational strategy, establishing the distribution channels and building a comprehensive suite of products in Macau. He will lead key initiatives to launch the company's agency advisory and customer support services.
With a strong track record of driving agency productivity and recruitment, Ma brings with him more than 30 years of solid experience in the insurance industry. He was the Chief Executive Officer of AIA Macau prior to joining Prudential.
Prudential's Macau branch is located at 12 Andar A, FIT Centre of Macau, Avenida Doutor Mario Soares. It will provide a wide range of services, including policy enquiries and payment services. Customers can also contact Prudential Macau at (+853) 8293 0833.
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The issuer is solely responsible for the content of this announcement.
About Prudential plc
Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people's wealth, helps them grow their assets, and empowers them to save for their goals. The business has more than 19 million life customers and has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is also a constituent of the Hang Seng Composite Index.
Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom. https://www.prudentialplc.com/
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These and other important factors may, for example, result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits. Further discussion of these and other important factors that could cause actual future financial condition or performance to differ, possibly materially, from those anticipated in Prudential's forward-looking statements can be found under the 'Risk Factors' heading in Prudential's 2022 Half Year Financial Report and the 'Risk Factors' heading in Prudential's 2021 Annual Report. Prudential's Prudential's 2022 Half Year Financial Report and 2021 Annual Report are available on its website at www.prudentialplc.com.
These factors are not exhaustive as Prudential operates in a continually changing business environment with new risks emerging from time to time that it may be unable to predict or that it currently does not expect to have a material adverse effect on its business. Any forward-looking statements contained in this document speak only as of the date on which they are made. Prudential expressly disclaims any obligation to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make, whether as a result of future events, new information or otherwise except as required pursuant to the UK Prospectus Rules, the UK Listing Rules, the UK Disclosure Guidance and Transparency Rules, the Hong Kong Listing Rules, the SGX-ST Listing Rules or other applicable laws and regulations.
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