TIDMPRU
RNS Number : 9491N
Prudential PLC
26 January 2023
Prudential plc to open branch in Macau
to provide life and health insurance solutions
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.
Media Investors/Analysts
Ping Ping Tan +65 9845 8904 Patrick Bowes +852 9611 2981
Hui-Yi Kho +852 2918 2780 William Elderkin +44 (0)20 3977 9215
Darwin Lam +852 2918 6348
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/
Forward-looking statements
This document may contain 'forward-looking statements' with
respect to certain of Prudential's (and its wholly and jointly
owned businesses') plans and its goals and expectations relating to
its future financial condition, performance, results, strategy and
objectives. Statements that are not historical facts, including
statements about Prudential's (and its wholly and jointly owned
businesses') beliefs and expectations and including, without
limitation, statements containing the words 'may', 'will',
'should', 'continue', 'aims', 'estimates', 'projects', 'believes',
'intends', 'expects', 'plans', 'seeks' and 'anticipates', and words
of similar meaning, are forward-looking statements. These
statements are based on plans, estimates and projections as at the
time they are made, and therefore undue reliance should not be
placed on them. By their nature, all forward-looking statements
involve risk and uncertainty.
A number of important factors could cause actual future
financial condition or performance or other indicated results to
differ materially from those indicated in such forward-looking
statement. Such factors include, but are not limited to, current
and future market conditions including fluctuations in interest
rates and exchange rates, inflation (including interest rate rises
as a response), sustained high or low interest rate environments,
the performance of financial and credit markets generally and the
impact of economic uncertainty, slowdown or contraction, (including
as a result of the Russia-Ukraine conflict and related or other
geopolitical tensions and conflicts) which may also impact
policyholder behaviour and reduce product affordability, asset
valuation impacts from the transition to a lower carbon economy and
derivative instruments not effectively mitigating any exposures;
global political uncertainties, including the potential for
increased friction in cross-border trade and the exercise of laws,
regulations and executive powers to restrict trade, financial
transactions, capital movements and/or investment; the impact of
Covid-19 outbreaks, including adverse financial market and
liquidity impacts, responses and actions taken by governments,
regulators and supervisors, the impact on sales, claims and
assumptions and increased product lapses, disruption to
Prudential's operations (and those of its suppliers and partners),
risks associated with new sales processes and technological and
information security risks; the policies and actions of regulatory
authorities, including, in particular, the policies and actions of
the Hong Kong Insurance Authority, as Prudential's Group-wide
supervisor, as well as the degree and pace of regulatory changes
and new government initiatives generally; given its designation as
an Internationally Active Insurance Group, the impact on Prudential
of systemic risk and other group supervision policy standards
adopted by the International Association of Insurance Supervisors;
the physical, social and financial impacts of climate change and
global health crises on Prudential's business and operations; the
impact of not adequately responding to environmental, social and
governance issues (including not properly considering the interests
of Prudential's stakeholders or failing to maintain high standards
of corporate governance); the impact of competition and fast-paced
technological change; the effect on Prudential's business and
results from, in particular, mortality and morbidity trends, lapse
rates and policy renewal rates; the timing, impact and other
uncertainties of future acquisitions or combinations within
relevant industries; the impact of internal transformation projects
and other strategic actions failing to meet their objectives or
adversely impacting the Group's employees; the availability and
effectiveness of reinsurance for Prudential's businesses; the risk
that Prudential's operational resilience (or that of its suppliers
and partners) may prove to be inadequate, including in relation to
operational disruption due to external events; disruption to the
availability, confidentiality or integrity of Prudential's
information technology, digital systems and data (or those of its
suppliers and partners) including the Pulse platform; the increased
non-financial and financial risks and uncertainties associated with
operating joint ventures with independent partners, particularly
where joint ventures are not controlled by Prudential; the impact
of changes in capital, solvency standards, accounting standards or
relevant regulatory frameworks, and tax and other legislation and
regulations in the jurisdictions in which Prudential and its
affiliates operate; and the impact of legal and regulatory actions,
investigations and disputes.
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 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.
Cautionary statements
This document does not constitute or form part of any offer or
invitation to purchase, acquire, subscribe for, sell, dispose of or
issue, or any solicitation of any offer to purchase, acquire,
subscribe for, sell or dispose of, any securities in any
jurisdiction nor shall it (or any part of it) or the fact of its
distribution, form the basis of, or be relied on in connection
with, any contract therefor.
[1] Source: HKTDC Research:
https://research.hktdc.com/en/article/MzYzMDE5NzQ5 and
https://research.hktdc.com/en/article/MzIwNjcyMDYx , based on the
exchange rate of CNY1 to USD0.157 as of December 2021.
[2] Source: Swiss Re Institute - Sigma report "World insurance:
inflation risks front and centre" (P.43):
https://www.swissre.com/institute/research/sigma-research/sigma-2022-04.html
[3] Source: Monetary Authority of Macao SAR:
https://www.amcm.gov.mo/en/research-statistics/statistics-page/statistic-insurance
[4] Based on the currency exchange rate of USD1 to MOP8.03 on 26
January 2023.
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