British life insurer Pru Life UK, a subsidiary of international financial services group Prudential plc, is set to further expand its business in the Philippines by offering asset management services and trust products after securing the approval from Bangko Sentral ng Pilipinas to establish a trust corporation.
To be named Pru Life UK Asset Management and Trust Corporation, the company will be a wholly owned subsidiary of Pru Life UK, the pioneer of investment-linked life insurance products in the Philippines.
“The establishment of the trust corporation will complement Pru Life UK’s insurance business and allow us to provide more value to our customers by offering them a wider range of financial solutions,” said Pru Life UK Vice President and Chief Investment Officer Anthony Garces.
“Pru Life UK believes that the creation of our stand-alone trust company will provide greater convenience to our customers as they further consolidate their funds with us and work with fewer fund managers. Our customers, as well as the general public, will also benefit from having more financial planning options with Pru Life UK, whether relating to protection, insuravest, or investments. This is a mission we aim to realize with the support of Pru Life UK’s agency force, the largest in the country,” Pru Life UK President Antonio de De Rosas added.
The establishment of Pru Life UK Asset Management and Trust Corporation reinforces the British life insurer’s long-standing commitment in securing the financial well-being of Filipino families. In 1996, the Insurance Commission granted Pru Life UK the license to operate and sell life insurance products in the Philippines. Since then, Pru Life UK has expanded its reach to over 130 branches in the country, with the biggest life agency force of more than 20,000 licensed agents, and has emerged as one of the top five life insurers. Pru Life UK holds headquarters in Uptown Bonifacio, Taguig City.