Prudential to Open Branch in Macau
26 Gennaio 2023 - 8:44AM
Dow Jones News
By Joe Hoppe
Prudential PLC said Thursday that it has received approval from
Macau to open a branch of its Hong Kong business there.
The insurance-and-investment business said it will initially
offer life and health insurance, including multi-currency options
to meet customer needs in savings, healthcare and protection.
Macau had a life-insurance penetration rate of 6.4% in 2021
compared with Hong Kong's 17%. In 2021, the gross written premium
of Macau's life insurance industry grew 26% on year to 33 billion
Macanese Pataca ($4.09 billion).
"While we have seen rapid economic development in Macau,
insurance penetration remains low... With the city's fast-aging
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," said Lilian Ng, managing director of
Prudential's strategic business group.
The company also named Chris Ma as general manager of Prudential
Macau with immediate effect.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
January 26, 2023 02:29 ET (07:29 GMT)
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