Pru Life signs Philippines bancassurance dealMay 3 2018 by InsuranceAsia News Staff
Philippine regulators have given the green light for the proposed bancassurance tie-up between Robinsons Bank and Pru Life UK.
The approvals were given by the country’s central bank, Bangko Sentral ng Pilipinas, and the Insurance Commission.
Under the plan, Robinsons Bank and Pru Life UK will partner for three years so that the bank can distribute the insurer’s life insurance products in its 135 bank branches across the nation.
Both camps are positive about the strategic alliance, as was expressed by their respective leaders when the partnership was formally announced in January.
Robinsons Bank’s president and CEO, Elfren Antonio S. Sarte, said bancassurance was a major part of their strategic plans.
Pru Life UK president and CEO Antonio de Rosas added that the partnership would benefit Robinsons Bank’s customers by providing them with easy access to Pru Life UK’s life insurance solutions.
- January 11
The agreement extends original alliance that started in 2010 for a fee of US$851m.
- December 31
Petrolimex Insurance Corporation and Woori Bank have signed a bancassurance agreement.
- October 15
Another major bancassurance deal is under review in Asia.
- October 9
Asia CEO Nic Nicandrou is keen to spend some money on acquisitions in the region.