Tag: Prudential

  • Prudential BSN Takaful Malaysia aims for 1 million customer base

    Prudential BSN Takaful Malaysia aims for 1 million customer base

    Prudential BSN Takaful (PruBSN) is hoping to increase its customer base to one million with two of its new takaful packaged solutions namely the PruBSN Setia and PruBSN Impian, which provide customisable and comprehensive protection.

    The takaful operator’s current customer base stands at around 850,000. The targeted increase is expected to be further supported with other new product launches this year.

    To address escalating healthcare cost, the PruBSN Setia is a health protection coverage for working adults which covers medical, critical illness, accidental and income replacement riders.

    “When it comes to health protection, many working adults in Malaysia rely solely on their employer to provide medical benefits. Given today’s economic environment and living conditions, they will need to enhance their existing coverage to fully support their protection needs,” said PruBSN chief marketing offer Wan Saifulrizal Wan Ismail.

    “With PruBSN Setia, employees can take advantage of the multiple rider options to add up on to their life insurance or takaful plans. We want to help strengthen the future financial safety net for working adults and their families,” he added.

    Meanwhile, the PruBSN Impian provides expectant mothers with comprehensive prenatal, medical, critical illness and saving solutions for their children from as early as 14 weeks of pregnancy to 100 years old. This further extends to long term savings plan for the child’s education.

  • South Korean group acquires Prudential Finance in Việt Nam

    South Korean group acquires Prudential Finance in Việt Nam

    Prudential on Tuesday announced that it had reached an agreement to sell 100 per cent of its Prudential Vietnam Finance Company (PVFC) to Shinhan Card Co Ltd, a subsidiary of the Shinhan Financial Group (Shinhan), at a cost of US$151 million.

    The United Kingdom-based financial services group’s PVFC was launched in 2006 as the first foreign non-bank financial institution licensed for consumer finance lending in Việt Nam. Today, it is the fourth-largest consumer finance company by outstanding loan balance.

    “Prudential and Shinhan will work closely to ensure a smooth transition of the business. PVFC remains committed to all of its customer obligations and operations will continue as normal until the transaction has been completed,” Prudential said in a statement.

    It remains fully committed to the Vietnamese market through its life insurance business, Prudential Vietnam Assurance Private Limited, and asset management business, Eastspring Investments Fund Management Company.

    “PVFC is a high-quality business, but it is not core to our strategy in Việt Nam. We are delighted that Shinhan will be able to lead this consumer finance business through to the next stage of its development. Việt Nam remains an attractive and important market to Prudential where we have high-quality and fast-growing life insurance and asset management operations,” Nic Nicandrou, Chief Executive of Prudential Corporation Asia, said.

    “As part of this transaction, we are further expanding our regional platform through the new long-term bancassurance partnership with Shinhan in both Việt Nam and Indonesia to continue serving the growing savings and protection needs of the Asian population,” he said.

    Shinhan is a financial institution in South Korea with a diversified business portfolio across banking, credit cards, securities brokerage, life insurance, asset management and leasing. It is one of the largest financial institutions by market capitalisation in Korea, and Shinhan Card is the largest credit card company in the country. Shinhan has had a presence in Việt Nam since 1993.

    Last year, Shinhan Bank Vietnam, a wholly owned unit of Shinhan Bank, also acquired the retail division of ANZ, a major Australian bank, in Việt Nam.

    Currently, Prudential Finance Vietnam, FE Credit, HomeCredit and HDSaigon are four companies ruling the Vietnamese consumer finance market. According to StoxPlus, the total outstanding loan of consumer finance companies was more than VNĐ56 trillion ($2.47 billion) at the end of 2016.

     

  • Siam Commercial Bank and Prudential Thailand announce unit-linked bancassurance partnership

    Siam Commercial Bank and Prudential Thailand announce unit-linked bancassurance partnership

    10 January 2018- Siam Commercial Bank Public Company Limited (“SCB”), a leading bank in Thailand, and Prudential Life Assurance (Thailand) Public Company Limited (“Prudential Thailand”), a subsidiary of UK-based Prudential plc, have agreed to establish a bancassurance partnership to jointly develop and provide insurance solutions for SCB’s wealth segment customers.

    Both companies have a long history of providing Thai people with innovative financial products that meet their evolving needs. The partnership, which will be effective from 1 February 2018, will provide SCB’s customers with access to Prudential Thailand’s world class range of unit-linked products through the bank’s licensed financial advisers.

    SCB and Prudential Thailand will initially offer three-unit linked products with both Regular and Single Premium options1, to serve the protection, savings and investment needs of the Bank’s wealth segment customers.

    Ms. Salisa Hanpanich, Executive Vice President of First Division and Segment Management Division for Siam Commercial Bank, said “The alliance with Prudential Thailand supports our strategy to provide our customers with best-in-class unit-linked life insurance products, which are perfectly fit to serve the financial and investment needs of customers in the fast-growing wealth segment, as customers in this segment are looking for investment products that provide them with an opportunity to get higher returns than deposit ones, and at the same time get protection for the peace of mind of their families. We expect that, through Prudential’s unit-linked products combined with strong team of sales, training and customer service support, we can achieve our ambition.” Aman Chowla, Chief Executive officer of Prudential Thailand, said, “We are proud to partner with Siam Commercial Bank, the longest established bank and one of the most successful banks in Thailand. Bancassurance is an integral part of our multi-distribution strategy to reach and serve Thai customers. This partnership with SCB enables us to leverage our expertise in unit-linked products to provide innovative and need-based solutions to SCB’s wealth segment customers. Thailand is one of the largest insurance markets in South East Asia with low insurance penetration, a growing and increasingly prosperous population with significant insurance and savings needs. This partnership will give us further opportunity to reduce the insurance gap in what is an important market for Prudential in Asia.”

     

     

  • How Technology and Health Effect Relationship? Prudential Relationship index sheds interesting insights

    How Technology and Health Effect Relationship? Prudential Relationship index sheds interesting insights

    In this rapidly-evolving digital age, the relationships of Thai people are weakening and technology is one of the main culprits. Technology, which includes social media, is the second-leading cause of arguments among couples in Thailand, according to the recent Prudential Relationship Index (PRI) 2017 report.

    Relationships breathe life into our lives, adding colour, tears and laughter. But how much do we truly understand them?  In the pursuit of deeper relationship insights, Prudential has launched the second edition of the PRI, a year after the inaugural report was launched in 2016.

    This year, Thailand retains its fifth position on the PRI index among the nine markets surveyed in Asia, with a score of 70/100 – a one-point decrease from 2016. This indicates that relationships in Thailand fulfil 70% of people’s needs and expectations, leaving a 30% relationship gap. The highest PRI scores across the region were recorded in Cambodia and the Philippines.

    CEO of Prudential Thailand, Aman Chowla said, “We are delighted to launch the second edition of the PRI in Thailand, which provides interesting insights into the state of relationships among Thai people. Highlights from this year’s results reveal that physical health and financial security for loved ones continue to be a key priority among Thai people.”

    On the importance of relationships, Aman Chowla said, “Research has shown that better relationships directly translate to a greater sense of well-being and significant improvement in health and longevity. We consider Prudential to be a life partner to our customers and will strive to provide fresh and innovative experiences to them.”

    Does technology make relationships stronger or weaker?

    While social media can bring people together, many couples in Thailand say it drives a wedge between them. Thirty-six percent of respondents argue with their partners over the amount of time spent on smartphones or computers. Close to the same proportion say they sometimes get upset by what their partner posts on social media (37%).

    Forty-six percent of people in Thailand say their families spend too much time on the phone rather than talking to each other, while 40% admit the time spent on the phone has a negative impact on their family relationships.

    The difference between men and women in the utilisation of technology is also clear: 71% of Thai men say they are on their phones more than their partner, compared to 51% of women.

    Thais do care about their health…but to what extent?

    According to the PRI 2017, people in Thailand are aware of the need to be more physically healthy, but do little to maintain their health.

    Sixty-nine percent of Thais are concerned whether they will stay physically healthy when they are older. More imminently, 34% believe their health will worsen in the coming five years.

    Despite these concerns, 61% of Thais say they are not currently active in maintaining their health. When asked what they would like changed in their partners, making their partners healthier topped the wish list – as mentioned by over half of the people (54%) surveyed in the PRI 2017.

    “The insights from the PRI 2017 provide us with an in-depth understanding of the top needs and concerns in the market. While health is a key concern, a third of Thais (66%) are also worrying about saving enough for their future retirement, with 55% citing retirement as their key financial priority. The findings from this insightful report reinforce our commitment to provide tailored products and services to enhance our customers’ overall quality of life, from health and medical to savings and life protection,” concluded Mr Aman Chowla.

  • Prudential appoints Aman Chowla as Thailand’s new CEO

    Prudential appoints Aman Chowla as Thailand’s new CEO

    Prudential Life Assurance (Thailand) Public Company Limited (PLT) has appointed Aman Chowla as Chief Executive Officer.

    Aman joined Prudential in 2011 and brings with him over 20 years of experience in financial services. He has worked in several markets across Asia including India, Singapore, Malaysia and now Thailand.

    Having held functional general Management & Transformation roles in his career, his last role was as the Chief Executive Officer of Prudential BSN Takaful BHD in Malaysia.

    “Thailand is a key market for Prudential in Asia. I am truly excited with the opportunities for growth, but more importantly to do our bit to bridge the protection gap and increase insurance penetration rates,” Aman said.