Pru Life UK and Standard Chartered Bank forge strategic partnership in the Philippines

Standard Chartered Bank’s customers in the Philippines to gain access to Pru Life UK’s comprehensive and innovative product suite of life insurance products

Friday, 27 April 2012 – Pru Life UK, a subsidiary of leading life insurer Prudential plc, and banking leader Standard Chartered Bank today announced the establishment of a strategic distribution partnership in the Philippines. The agreement extends the highly successful distribution alliance between the two parties to the 11th country in Asia.

Under the partnership, Standard Chartered Bank established Assurance Solutions Insurance Agency, Inc. in the Philippines, which will distribute Pru Life UK’s comprehensive array of life, health and protection products to Standard Chartered Bank’s extensive network of customers in the Philippines. This new distribution channel will also involve Standard Chartered Bank Philippines referring customers seeking life insurance products to Assurance Solutions Insurance Agency, Inc.

Apart from its products, Pru Life UK will inject its expertise in the development and training of insurance specialists into Assurance Solutions Insurance Agency, Inc.

Mr Antonio De Rosas, Pru Life UK President and CEO, said “The new distribution channel will complement our existing business, and will be a key priority for us as we further expand our reach to our Filipino customers. The alliance combines two companies with the unified goal of continuing to offer best in class services to our clientele. We look forward to developing a solid working relationship and success with Standard Chartered Bank in the Philippines.”

Since 1998 when Prudential and Standard Chartered Bank first initiated their successful partnership in Hong Kong, Singapore, and Malaysia, the relationship has expanded across Asia to include China, India, Japan, Taiwan, Thailand, Korea and Vietnam.

Mr Barry Stowe, Chief Executive of Prudential Corporation Asia, said, “We are very pleased to broaden and deepen our relationship with Standard Chartered Bank in Asia, which began more than 10 years ago. Central to our success in Asia is bank distribution, which complements well our agency distribution and gives us a broader and more diversified footprint. We are confident the strength of our two brands and our shared expertise will continue to benefit our customers throughout the region, as well as contribute positively to our business in Asia going forward.”

Through the partnership, Pru Life UK further widens its distribution network for its innovative and comprehensive life insurance product portfolio. In 2002, Pru Life UK introduced unit-linked life insurance, a product that offers an investment component bundled with the protection that life insurance provides, to the Philippines. Maintaining its pioneering edge, Pru Life UK launched in January 2012 the Asian Local Bond Fund that gives clients the opportunity to invest their dollars in an offshore fund with a diversified Asian portfolio.

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About Pru Life UK

Established in 1996, Pru Life UK is a subsidiary of Prudential plc, a United Kingdom-registered company. Pru Life UK and Prudential plc are not affiliated with Prudential Financial, Inc. (a US-registered company), Philippine Prudential Life Insurance Company, Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered companies).

Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.

Pru Life UK is a member of the Philippine Life Insurance Association.

 

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