02 Jul 2012
Prudential extends Asia footprint to Cambodia
Ministry of Economy and Finance grants in-principle approval for life insurance licence
Phnom Penh, Cambodia, Monday, 2 July 2012 – Prudential Corporation Asia today announced it has received in-principle approval from Cambodia’s Ministry of Economy and Finance to establish a wholly foreign-owned life insurance operation in the country. Cambodia extends Prudential’s life insurance footprint in Asia to 13 markets and it will be one of the first entrants into a market that is in its formative stage of development.
Mr Barry Stowe, Chief Executive of Prudential Corporation Asia said, “We are very grateful for the support we have received from the Cambodian government. Prudential has a strong presence in Asia and our expansion into Cambodia is part of our strategy of investing in growth markets in the region. We believe that Cambodia represents a significant untapped opportunity for us and we are well placed to capture the opportunities there.”
The demand for financial and life insurance products in Cambodia is expected to rise strongly. The country is experiencing robust economic growth with 11% compound annual growth rate (CAGR) of GDP during the last decade, as well as a growing urban population with per capita GDP across the whole population increasing from US$468 in 2005 to more than US$853 in 2011.1
Mr Stowe added, “By using our experience and expertise in Asia, we hope to play a role in raising the knowledge and understanding of insurance protection and long-term financial planning in Cambodia, in turn supporting the development of its life insurance industry. We are excited by the market’s prospects and look forward to developing and offering tailored products that meet the needs of the Cambodian population.”
Prudential established a representative office in Phnom Penh in December 2010, and will be shortly relocating its premises to Phnom Penh Tower Building at Monivong Blvd, which will be its corporate office in Cambodia.
For media queries, please contact:
Prudential Corporation Asia, Hong Kong
Ms Susanna Hui, Director of Corporate Affairs
Representative Office of Prudential Holdings Limited, Cambodia
Mr Pankaj Banerjee, General Manager
ABOUT PRUDENTIAL CORPORATION ASIA
Prudential Corporation Asia is a business unit of Prudential plc*, comprising its life insurance operations in Asia and its asset management business, Eastspring Investments.
Prudential is a leading life insurer that spans 13 markets in Asia, covering Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, The Philippines, Singapore, Taiwan, Thailand and Vietnam. With more than 350,000 agents across the region, Prudential has a robust multi-channel distribution platform providing a comprehensive range of savings, investment and protection products.
Eastspring Investments manages investments across Asia on behalf of a wide range of retail and institutional investors, with about half of its assets sourced from life and pension products sold by Prudential plc. It is one of the region’s largest asset managers with operations in 11 Asian markets and the United States. It has £50.3 billion (about US$85 billion) in assets under management (as at 31 December 2011), managing funds across a wide range of asset classes including equities and fixed income.
*Prudential plc, incorporated and with its principal place of business in England and Wales, and its affiliated companies, constitutes 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 160 years and has £351 billion in assets under management (as at 31 December 2011). 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).
1 Source: National Institute of Statistics of Cambodia, www.nis.gov.kh