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CITIC-Prudential Life Insurance Receives Regulatory Approval To Establish A Branch In China–s Sichuan Province

HONG KONG, CHINA — (Marketwired) — 03/01/17 — CITIC-Prudential Life Insurance Company Limited (“CITIC-PRU Life”) recently received approval from the China Insurance Regulatory Commission (“CIRC”) to commence preparatory work for the establishment of a new branch in Sichuan province. This closely follows CITIC-PRU Life–s expansion into Anhui province, announced in November last year.

Situated at the upper reaches of the Yangtze River in south-western China, Sichuan is China–s fourth-largest province, with a population of 82 million(1). In line with accelerated economic growth and ongoing modernisation in Sichuan, demand for life insurance products has grown strongly in the province in recent years. In 2016, it recorded RMB99 billion in Life Gross Written Premiums(2), a 43 per cent year-on-year growth.

Tony Wilkey, Chief Executive of Prudential Corporation Asia, said: “Our strategy is to provide families with the protection and savings products they need to secure their financial futures, and the opportunities for us in the Chinese life insurance market are very significant. Over the last five years, our new business sales and profit in China have more than doubled(3), as has the number of active agents. With Sichuan, we will have a presence in the top 10 provinces in China in terms of Life Gross Written Premiums. We are very excited about this further extension of our reach to include Sichuan.”

CITIC-PRU Life has a comprehensive network of 169 sales offices in 69 cities across 15 provinces. The addition of Sichuan means CITIC-PRU Life is represented in provinces that generate 75 per cent(1) of the country–s Gross Domestic Product and have a population of 940 million people(1).

Prudential Corporation Asia is a business unit of Prudential plc (United Kingdom)*, comprising its life insurance operations in Asia, and its asset management business, Eastspring Investments. It is headquartered in Hong Kong.

Prudential is a leading life insurer that spans 12 markets in Asia, covering Cambodia, China, Hong Kong, India, Indonesia, Laos, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Prudential has a robust multi-channel distribution platform providing a comprehensive range of savings, investment and protection products to meet the diverse needs of Asian families.

Eastspring Investments manages investments across Asia on behalf of a wide range of retail and institutional investors. It is one of the region–s largest asset managers with a presence in 10 major Asian markets plus distribution offices in the US and Europe. It has £ 104.9 billion (about US$140.3b) in assets under management (as at 30 June 2016), managing funds across a range of asset classes, including equities and fixed income.

*Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world–s leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for over 165 years and has £ 562 billion in assets under management (as at 30 June 2016). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.

Prudential plc is listed on the stock exchanges of London (PRU.L), Hong Kong (2378.HK), Singapore (K6S.SG) and New York (PUK.N).

Established in 2000, CITIC-PRU Life is the first Sino-British insurance joint venture in China and has maintained a leading position among foreign joint venture companies in the country. With the strong support of its joint venture partners, Prudential and CITIC, CITIC-PRU Life has grown rapidly over the years and currently has branches in Guangdong, Beijing, Jiangsu, Shanghai, Hubei, Shandong, Zhejiang, Tianjin, Guangxi, Shenzhen, Fujian, Hebei, Liaoning, Shanxi, Henan and Anhui. While the company has identified the Pearl River Delta, Yangtze River Delta and the Bohai Economic Region as its pivotal development areas, it plans to continue its expansion into central and western China to achieve country-wide coverage. CITIC-PRU Life has more than 30,000 agents, 2,400 employees and one million policyholders. The company has won numerous awards over the years, including the –Best Foreign Insurance Company– by China Internet Information Center and –Best Health Insurance Product of the Year– by China Insurance News in 2016.

(1) Source: China National Bureau of Statistics, 2015
(2) Source: China Insurance Regulatory Commission
(3) From Half Year 2011 to Half Year 2016

Susanna Hui / Kitty Liu
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Posted by on Mar 1 2017. Filed under Commercial & Investment Banking, Picture Gallery. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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