14 May 2021
Prudential is designated into the Hong Kong groupwide supervision framework for insurance groups
Prudential plc (Prudential) welcomes the announcement today by the Hong Kong Insurance Authority (HKIA) that Prudential Corporation Asia Limited, its wholly owned Hong Kong incorporated subsidiary, has been included as a designated insurance holding company under the Insurance Ordinance.
Since taking over as group supervisor for Prudential in October 2019, the HKIA has engaged Prudential and the wider insurance industry in Hong Kong on the development of the new groupwide supervision framework.
Mike Wells, Group Chief Executive of Prudential, said: “We welcome the confirmation of our designation into the new Hong Kong groupwide supervision framework. This new supervisory regime makes Hong Kong an even more attractive hub for regional and global insurers and reinforces HKIA’s role as a respected supervisor of international insurance groups.”
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About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. The business helps people get the most out of life through life and health insurance and retirement and asset management solutions. Prudential plc has 17 million life customers in its Asia and Africa businesses and is listed on stock exchanges in London, Hong Kong, Singapore and New York. 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, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.