Vientiane, Laos, 11th May 2016 – Prudential Corporation Asia, part of the UK-based Prudential plc, has commenced its life insurance business in the Lao People’s Democratic Republic (“Laos”). Operating in Laos as Prudential Life Assurance (Lao) Company Limited (“Prudential Laos”), Prudential offers life insurance products that meet the protection and savings needs of the Lao people.
Prudential has been operating in Asia since 1923 and owns a pan-regional distribution platform that serves the diverse financial needs of Asian families in 13 markets. The company opened its representative office in Vientiane, the capital city of Laos, in March 2015 and recently received the licence from Lao’s Ministry of Finance to commence business operations.
Prudential has also established a strategic and exclusive bancassurance partnership in Laos with ACLEDA Bank Lao Ltd (“ACLEDA Bank Lao”), a leading commercial bank in Laos with more than 40 branches across the country. With the commencement of its business, Prudential Laos will distribute its products to customers of ACLEDA Bank Lao through the latter’s branch network, starting with Vientiane.
Mdm Khamphay Vithasay, General Director of the State-Owned Enterprise Investment Management and Insurance Department, the Ministry of Finance, said: “As a leading international life insurer with a long-standing track record of operating in Asia, Prudential’s entry into Laos will benefit our people, providing them with life insurance products that will help protect their financial security at different life stages. We also believe Prudential will play an important role in the long-term development of the financial services and life insurance sectors and in turn, contribute to the overall growth of our economy.”
Tony Wilkey, Chief Executive, Prudential Corporation Asia, said, “Today is a milestone for Prudential as we expand our life insurance footprint into Laos, our 13th market in Asia, underscoring our commitment to strengthening our leading franchise in the region. Lao’s life insurance market offers huge potential driven by the country’s strong economic growth prospects and the continued rise of a middle class population. Leveraging our 90 years of extensive experience in the region, we look forward to playing a leading role in the development of the insurance sector as we provide appropriate protection and savings products to the Lao people and families.”
Mr. Narin PHON, Managing Director and CEO of ACLEDA Bank Lao Ltd, said, “We are very pleased to have Prudential as our strategic partner in Laos. We look forward to building on our distribution capabilities and harnessing Prudential’s pan-Asian expertise in bancassurance distribution partnerships to broaden the depth and breadth of our offerings and services to our customers. Together with Prudential, we believe we are well positioned to serve the growing life insurance needs of the people of Laos. ”
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