Our markets

Growth engines in Asia and Africa.

Rising wealth and significant insurance protection gaps are creating a potential $1 trillion growth opportunity over the next 10 years in two of the world’s largest continents.

2% – 3% of GDP

Across India, Greater China, and the ASEAN markets, insurance cover remains at just 2% - 3% of GDP.

4x more out-of-pocket medical expenses

Meanwhile, healthcare can lead to four times more out-of-pocket medical expenses in Asia than in the US.

4 billion people

There is a combined population of 4 billion people across Asia and Africa.

$1.8 trillion protection and savings gap

The health protection and savings gap across our markets is estimated at $1.8 trillion¹, highlighting the vast number of people who lack sufficient access to insurance and health coverage.

¹Swiss Re Institute: The health protection gap in Asia, October 2018.

$150 trillion of household wealth

There is more than $150 trillion of household wealth in Asia²which provides a substantial opportunity for integrated life and asset management capabilities.

²Credit Suisse Global Wealth Report 2022, including Asia Pacific (ex-Japan), China, India and Africa.

How we're responding to customer needs

As an integrated asset and life management business, we're evolving from an organisation with strong products and channel capabilities, to one led by our customers' needs. We believe that by delivering value to our customers and their communities, we're building a platform for sustainable growth in Greater China, India, Africa, and ASEAN. Prudential’s extensive footprint enables us to balance performance across these markets and reduce dependency on any single geography.

Greater China

Mainland China, Hong Kong, and Taiwan present significant long-term opportunities. Backed by the strength of the Prudential brand and our partnerships, we are well positioned for continued growth in the region.

In Mainland China, our joint venture, CITIC Prudential Life (CPL), has a 25-year track record and a footprint across more than 100 cities. It positions us to serve a market of 1.4 billion people, with a life insurance penetration rate of just 2% - representing a protection gap of around $805 billion.

In Hong Kong, we operate across all 11 cities of the Greater Bay Area and serve 1.4 million customers. In Taiwan, we are the leading foreign insurer in a market that is the fifth largest for life insurance in Asia.

To learn more about our Citic Prudential Life Joint Venture, click here.

ASEAN markets

The ASEAN markets are a diverse group with a combined population of more than 650 million.

We operate in Indonesia, Malaysia, Singapore, Thailand, Vietnam, the Philippines, Cambodia, Myanmar and Laos, supported by one of the region's leading multi-channel distribution franchises.

We hold top three positions in seven out of nine¹ ASEAN markets, including Singapore, Malaysia, and Indonesia, as well as the fast-developing markets of Philippines, Vietnam, Cambodia, and Laos.

With insurance penetration across the region at just 1%, we are focused on continuing to address the savings, health, and protection needs of our customers and strengthening this leadership position.

^{(1) 2024 Annual Report}

India

With a population of 1.4 billion, low life insurance coverage, and a health protection gap estimated at over $350 billion, India represents a compelling opportunity.

We continue to work closely with our partner, ICICI Bank, across both the life insurance and asset management segments to reach and serve more customers.

In 2024, we expanded our distribution network by adding 68,000 agents and 46 new bank partnerships. Sales of new life insurance policies grew by 20%, a trend we expect to continue in the near term.

To learn more about our ICICI Prudential Life Joint Venture, click here.

Africa

We see Africa as a long-term growth opportunity. The continent represents an underserved population of over 450 million, with life insurance penetration rates below 2%.

While these markets currently contribute a small share to New Business Profits, they offer significant growth potential. Sales of new life insurance policies grew by 16% in 2024.

We’re focusing on the highest-value opportunities, where our multi-channel distribution platforms provide a strong competitive advantage.