Vientiane, Laos (19 March 2015) – Prudential plc (“Prudential”), the UK-based international financial services group with significant operations in Asia, the US and UK, today announced it has been awarded a licence to establish a representative office in Laos. The licence was granted by the Ministry of Planning and Investment of the Lao People’s Democratic Republic.
Prudential is the first international life insurer to be granted a representative-office licence in the country. The company will open its representative office in the capital city of Vientiane in the coming weeks.
Having a representative-office licence is one of the key steps in the process of obtaining an operating licence in Laos. The representative office will help lay the foundation for Prudential’s future business operations, while supporting the Government’s priorities to develop the financial services sector to meet the needs of the Lao people.
Prudential is a leading life insurer in Asia with operations spanning 12 markets, providing a wide range of products to meet the protection and savings needs of more than 12 million customers in the region. The establishment of the representative office in Laos underlines Prudential’s commitment to Asia and is part of its strategy to invest in growth markets in the region.
Barry Stowe, Chief Executive of Prudential Corporation Asia, said, “We are very excited to be expanding our footprint into Laos which offers great potential for growth. Life insurance is an important pillar in the country’s economic and social development. With our long-standing experience and expertise in Asia, Prudential is looking forward to playing a role in the long-term, development of Laos’ life insurance and financial services sectors, and in helping the Lao people protect their families and prepare for a secure financial future.”