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Prudential plc to open branch in Macau to provide life and health insurance solutions

MACAU and HONG KONG SAR  26 January 2023 – Prudential plc (Prudential) today announced it has received approval from the Macau Special Administrative Region to establish a branch of its Hong Kong business in Macau. With the addition of Macau, Prudential will have a presence in 24 markets across Asia and Africa.Prudential will initially offer life and health insurance solutions in Macau through its digitally-enhanced agency force. These solutions include multi-currency options to meet customer needs in savings, healthcare and protection.

Lilian Ng, Managing Director, Strategic Business Group, Prudential said the new Macau branch completes the company’s footprint in China’s Greater Bay Area (GBA).

The GBA is made up of nine cities in the Guangdong Province and the two Special Administrative Regions of Hong Kong and Macau. Its substantial population of 86.7 million people contributed to 11 per cent of China’s GDP[1] in 2021.

While we have seen rapid economic development in Macau, insurance penetration remains low. With the city’s fast-ageing population, there is strong demand from its residents for solutions that can help them access private healthcare facilities in Macau and elsewhere in the GBA.

“The Macau branch will play a pivotal role in our strategy to make healthcare and financial security more accessible to people in the GBA, as we leverage our 50-year experience of providing insurance to customers in Hong Kong,” said Ng.

Macau has a life insurance penetration rate at 6.4 per cent in 2021[2] – slightly over one-third of Hong Kong’s 17.3 per cent. In 2021, the gross written premium of Macau’s life insurance industry grew 26 per cent year-on-year to reach MOP 33 billion[3] (approximately USD 4 billion[4]), driven by rising demand for protection and wealth accumulation products in the city.

Lawrence Lam, Chief Executive Officer of Prudential Hong Kong, who will have management and performance oversight of the Macau branch, said, “We are delighted to have the opportunity to offer our innovative insurance solutions to the people of Macau. The establishment of the Macau branch is a key milestone for the Group’s GBA strategy.”

Chris Ma appointed as General Manager of Prudential Macau

Prudential has appointed Chris Ma to be the General Manager of Prudential Macau with immediate effect. In this role, Ma will be responsible for driving the operational strategy, establishing the distribution channels and building a comprehensive suite of products in Macau. He will lead key initiatives to launch the company’s agency advisory and customer support services.

With a strong track record of driving agency productivity and recruitment, Ma brings with him more than 30 years of solid experience in the insurance industry. He was the Chief Executive Officer of AIA Macau prior to joining Prudential.

Prudential’s Macau branch is located at 12 Andar A, FIT Centre of Macau, Avenida Doutor Mario Soares. It will provide a wide range of services, including policy enquiries and payment services. Customers can also contact Prudential Macau at (+853) 8293 0833.

[1] Source: HKTDC Research: https://research.hktdc.com/en/article/MzYzMDE5NzQ5 and https://research.hktdc.com/en/article/MzIwNjcyMDYx, based on the exchange rate of CNY1 to USD0.157 as of December 2021.

[2] Source: Swiss Re Institute – Sigma report “World insurance: inflation risks front and centre” (P.43): https://www.swissre.com/institute/research/sigma-research/sigma-2022-04.html

[4] Based on the currency exchange rate of USD1 to MOP8.03 on 26 January 2023.

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