In a company statement Wednesday, 1996 / 1) states, during the time Prudential has secured partnerships with UOB during the last 12 years. Especially to sell insurance products through offices scattered UOB in Singapore, Indonesia, and Thailand.
Prudential will compete with other businesses in Asian markets is very large. As AIA is also the business unit of giant U.S. insurer AIG, also with OCBC Insurance, a unit of insurance company Great Eastern.
“The agreement with UOB will help Prudential to meet growth targets in Southeast Asia,” said Kevin Ryan, an analyst with ING, based in London, England. Kevin argues, the great difficulty will be encountered by an insurance company in this area is how to sell products to the local community. So to sell insurance products through banks is good news.
Prudential currently operates in 13 countries in Asia, and already have life insurance customers for more than 11 million. During this Asia for Prudential with profits donated a large portion, which reaches 44%.
“Bancassurance sales provide substantial opportunities for profitable growth in Singapore and Indonesia and substantially increase the scale of sales in Thailand are a major market,” said Tdjane Thiam, chief executive of Prudential Plc in a statement.