20 Mar 2020

Prudential supports Hong Kong in enhancing regulatory framework for insurance groups

Prudential plc (Prudential) welcomes the Bill issued today (20 March 2020) by the Hong Kong government to enhance the framework for the regulation and supervision of insurance groups in Hong Kong.
 
Since taking over as Group supervisor for Prudential in October 2019, the Hong Kong Insurance Authority (HKIA) has engaged Prudential and the wider insurance industry in Hong Kong on the development of a new group-wide oversight framework.
 
Mike Wells, Group Chief Executive of Prudential, said: “We welcome the introduction of this legislation by the Hong Kong government. This will be a comprehensive, robust regulatory regime aligned with global best practice.
 
“The new supervisory regime will reinforce Hong Kong’s position as a pre-eminent global financial centre, make the territory even more attractive as a hub for insurers with large regional and global operations, and cement HKIA’s role as a respected supervisor of international groups.”

 

Enquiries:

Media   Investors/Analysts  
Erin Atan +852 9308 7962 Darwin Lam +852 2918 6348
Ee Ching Tan +852 2918 6396 Patrick Bowes +44 (0)20 3977 9702
Tom Willetts +44 (0)20 3977 9760 William Elderkin +44 (0)20 3977 9215

 

Notes to Editors:

About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. The business helps individuals to de-risk their lives and deal with their biggest financial concerns through life and health insurance, and retirement and asset management solutions. Prudential plc has 20 million customers 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, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

 

Jackson National Life Insurance Company

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Prudential plc is an international company incorporated in the United Kingdom, and its affiliated companies constitute one of the world’s leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world, and it has been in existence for over 170 years. 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, or the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).

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Prudential plc is an international company incorporated in the United Kingdom, and its affiliated companies constitute one of the world’s leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world, and it has been in existence for over 170 years. 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, or the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).