The Hong Kong arm of the multinational insurance company headquartered in London – Prudential plc (Prudential) – announced last week that following approval by the local authorities, it will establish a branch of its Hong Kong business in Macau, the company stated in a press note sent to the Times.
The new branch, soon to open its doors, is located on the 12th floor A of the FIT Centre of Macau, at the Avenida Doutor Mario Soares, and will provide a wide range of services, including policy inquiries and payment services.
In the first phase, the company will offer life and health insurance solutions, including multi-currency options to meet different customers’ needs in relation to savings packages as well as healthcare and protection.
The company also said that with the opening of the Macau branch, it is extending its presence to 24 markets across Asia and Africa.
The Managing Director, Strategic Business Group, of Prudential, Lilian Ng, said “the new Macau branch also completes the company’s footprint in China’s Greater Bay Area (GBA),” noting the existing potential of a population target of 86.7 million people which contributed in 2021 to 11% of China’s total gross domestic product.
“While we have seen rapid economic development in Macau, insurance penetration remains low. With the city’s fast-aging population, there is strong demand from its residents for solutions that can help them access private healthcare facilities in Macau and elsewhere in the GBA,” Ng said, adding, “The Macau branch will play a pivotal role in our strategy to make healthcare and financial security more accessible to people in the GBA, as we leverage our 50-year experience of providing insurance to customers in Hong Kong.”
According to the Swiss Re Institute – Sigma report “World insurance: inflation risks front and centre,” Macau had a life insurance penetration rate of 6.4% in 2021, which represents slightly over one-third of Hong Kong’s 17.3%.
Figures from the Money Authority of Macau (AMCM) stated that in 2021, the gross written premium of Macau’s life insurance industry grew 26% year-on-year to MOP 33 billion, driven by rising demand for protection and wealth accumulation products in the city.
The local branch will be headed by Chris Ma as general manager and will have management and performance oversight directly from the Hong Kong’s Chief Executive Officer of Prudential Hong Kong, Lawrence Lam, who also said the establishment of the branch will be “a key milestone for the Group’s GBA strategy.”
Ma, who previously performed the role of chief executive officer of AIA Macau, aims to bring his over 30 years of experience in the local insurance industry to the new company commencing operations soon.
