Pru Life inks bancassurance deal with Philippine bankJanuary 10 2018 by InsuranceAsia News Staff
Pru Life UK, a unit of London-based global insurer Prudential, has signed a bancassurance deal with Robinsons Bank in the Philippines.
The three-year partnership marks the insurer’s debut into the under-penetrated insurance market in the Philippines.
Pru Life will sell basic protection products in Robinsons Bank’s 134 branches around the country.
The partnership will initially focus on traditional or basic products for now but the terms of the three-year partnership could be reviewed.
Robinsons Bank expects to generate up to P50 million (US$1 million) in premium revenues during the first year of the partnership.
Pru Life UK president Antonio de Rosas expressed confidence that the alliance will benefit the bank’s customers by providing them with easy access to Pru Life’s solutions.
Robinsons Bank president Elfren Antonio Sarte said it had taken a while for Robinsons Bank to venture into bancassurance because it had to choose the right partner.
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The agreement with Sathapana Bank was signed at a ceremony attended by the finance ministry and central bank.
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The two institutions have forged a bancassurance partnership, initially covering parts of Europe and Australia.
- June 7
The Indian insurer is planning to partner with a host of banks as it shifts from its traditional stance.
- May 3
Regulators have given the green light for the proposed bancassurance tie-up with Robinsons Bank.