In recognition of its contribution to the region
Hong Kong, 7 September 2017 – Prudential Corporation Asia (“Prudential”) (2378.HK) today announced it received the prestigious Friend of ASEAN award at the ASEAN Business Awards 2017 yesterday, the second time the company has been conferred this accolade. Hosted by the ASEAN Business Advisory Council (“ASEAN BAC”), the ceremony took place at Solaire Resort and Casino, Paranaque City in the Philippines.
Established in 2003, ASEAN BAC is the official organisation that provides private sector feedback and guidance to boost ASEAN's efforts towards economic integration and identifies priority areas for consideration by ASEAN leaders. ASEAN BAC members are appointed by each government’s minister-in-charge and up to three high-level company CEOs are appointed per country, with one representing the interests of small and medium-sized enterprises.
Since 2007, the annual ASEAN Business Awards has been recognising outstanding ASEAN enterprises for their contribution to the growth and prosperity of the region, under the categories of innovation, growth, employment and corporate social responsibility. The Friends of ASEAN category, introduced in 2015, honours non-ASEAN enterprises for their positive socio and economic impact on ASEAN and continued commitment to grow their presence in the region.
Prudential has deep and very strong roots in ASEAN, with its first Asian operations launched in Malaysia more than 90 years ago. Today, it has leading life insurance and asset management operations across 14 markets in Asia, of which eight are ASEAN member states. Prudential is also active in furthering EU-ASEAN trade relations and is currently the chair of the EU-ASEAN Business Council (“EU-ABC”), an organisation recognised by the ASEAN Secretariat and the European Commission with the aim to promote the interests of European businesses operating within ASEAN.
Nic Nicandrou, Chief Executive of Prudential Corporation Asia said, “We are extremely proud to receive this honour from the ASEAN BAC for the second time. ASEAN is central to our growth in Asia. Not only is there a growing need for life insurance with a low penetration rate at three per cent, more than 60 per cent of infrastructure spending in the region remains unmet. As a leading life insurer and asset manager, we are committed to serving the protection needs of families and the long-term development of ASEAN.”
Don Kanak, Chairman of Eastspring Investments, Prudential’s Asian asset management business, and Chairman of the EU-ABC accepted the award on behalf of PCA at the ASEAN Business Awards 2017. Don said, “European businesses such as Prudential and Eastspring have had a long-term and deep relationship with the region collaborating with governments and business partners to create growth. Long-term investments made by insurance companies and asset management firms improve physical and financial infrastructure, deepen domestic capital markets, foster employment, improve financial resilience, and encourage trade and investment in other industries.”
Joey Concepcion, Chairman of ASEAN Business Advisory Council, said, ““The Friend of ASEAN recognition is a testament to Prudential’s efforts, quality of delivery and contribution to the region. We are confident Prudential, and other recipients of this year’s awards, will continue to be at the forefront of guiding its peers and remain key contributors to the region’s success.”
 “Prosperity, Protection and Partnership: The Role of the Insurance Sector in Driving Sustained Growth in ASEAN” by EU-ASEAN Business Council, April 2017
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