Prudential Vietnam Assurance will provide its life insurance services to the customers of Southeast Asia Commercial Joint Stock Bank’s (SeABank). In a deal signed for a 20-year-period, the exclusive bancassurance collaboration between Prudential and SeABank will commence in April this year.
Apart from this, Prudential Vietnam is also expected to emerge as the ideal life insurance provider to Vietnamese consortium BRG Group, which has over 10 million customers across its business domains that includes hospitality, banking and finance, retail and real estate.
Through this collaboration with SeABank, Prudential aims to expand its presence in Asia, where there is an increasing demand for health, protection and wealth management products.
Both the parties are expected to come together to offer their customers with an exhaustive array of life insurance services through a collection of digital software. The Chief Executive of Prudential Corporation Asia Nic Nicandrou said that Vietnam is a major market for Prudential owing to its compelling scope for long-term growth.
Clive Baker, Chief Executive of Prudential Vietnam, stated that bancassurance has been a significant contributor to the British insurance behemoth in the country. Baker also mentioned that the organisation will carry on investing in its collaboration network, in parallel with its settled and effective agency force. The shares of Prudential PLC were at US$16.00 when they were last traded on Oct 17 on the Singapore bourse.