Background
Prudential has a long history in Asia beginning with its first operation
in India in 1923. Today PCA has operations in Singapore, Malaysia,
Hong Kong, Thailand, Indonesia, the Philippines, India, Vietnam, Taiwan,
China and Japan.
Services and products
PCA provides a comprehensive
range of savings, protection, investment and general insurance products
tailored to the needs of each local market.
PCA continues to launch innovative products including PRUparent, designed
to help adult children care for their parents, initially available
in Malaysia, Hong Kong and Singapore.
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Prudential Corporation Asia (PCA)
is now the UK’s largest life insurer in the region with operations
in 11 countries. It also has a rapidly expanding mutual funds
business.
In 2000, total insurance sales of £504 million were 75 per cent
up on 1999. New business achieved profits were 70 per cent higher
at £153 million and statutory basis operating profit rose 47
per cent to £22 million. |
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PCA network and customers
PCA has a network of some 3,000 PCA staff and over 32,000
agents across the region and more than 2 million customers.
High quality professional agency is PCA’s core distribution
channel around the region, complemented by increasingly significant
bank and direct distribution.
Funds under management
PPM Life Institutional is PCA’s fund management division. At the
end of 2000, it managed over £8 billion of equities and fixed income
funds across the region from its offices in Hong Kong, Singapore
and Tokyo.
PCA’s mutual funds under management were £1.6 billion at the end
of 2000.
Joint venture partnerships
In addition to wholly owned operations, PCA has formed successful
joint venture partnerships and strategic alliances in Asia with:
• ICICI for life insurance and mutual funds in India
• CITIC (China International Trust & Investment Corporation) for
life business in China
• Bank of China for Mandatory Provident Fund business in Hong Kong
• Standard Chartered Bank for bancassurance in Hong Kong, Singapore,
Malaysia and Taiwan.
Recent milestones
Vietnam
1999 onwards As the first UK life insurance company to operate
in the Vietnamese life market, PCA has recruited more than 7,000
agents in less than 18 months of operation.
Hong Kong
1999 Launch of joint venture with Bank of China for Hong
Kong’s Mandatory Provident Fund (MPF), now one of the market leaders.
China
October 2000 Launch of CITIC Prudential Life in Guangzhou,
China. This is the first Sino-UK joint venture in life insurance
and it is growing strongly.
April 2001 Prudential became the first international company
to receive approval from the regulatory authority to sell unit-linked
products in China.
Taiwan
October 2000 Acquisition of Core Pacific Securities
Investment Trust Enterprise in Taiwan, a top 10 mutual fund business
with £1 billion of funds under management.
India
December 2000 Prudential ICICI Asset Management reached £695
million of funds under management as at 31 December 2000, to become
the largest private sector mutual fund manager in India.
Launch of ICICI Prudential Life in India, one of the few new international
joint ventures to be fully licensed and selling policies. Agency
recruitment and training is proceeding rapidly.
Japan
February 2001 Acquisition of Orico Life in Japan, a modern,
financially and operationally sound company that provides an excellent
platform for growth in the very significant Japanese life market.
July 2001 Launch of PCA Life in Japan.
Thailand
2001 Started bancassurance operation.
Malaysia
May 2001 Launch of Prudential Unit Trusts in Malaysia.
Indonesia and the Philippines
April 2001 Prudential acquired Allstate’s holdings in Pt
Asuransi Jiwi Allstate, Indonesia and the Allstate Life Insurance
Company of the Philippines.
Singapore
In 2000 Prudential Singapore won Asia’s ‘Life Insurance
Company of the Year’ award for its commitment to innovation,
its responsiveness to customer needs and its high quality customer
service.
June 2001 Launch of Prudential Unit Trusts in Singapore,
offering a suite of top-quality funds to customers in Singapore.
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