27 September 2024
Prudential expands in ASEAN
region via a strategic
partnership with Bank Syariah Indonesia
Prudential plc has today announced
that PT Prudential Sharia Life Assurance ("Prudential") has entered
into a long-term strategic bancassurance partnership with Bank
Syariah Indonesia ("BSI"). Through this cooperation, Prudential
will become the Syariah life insurance provider of BSI from early
2025 and BSI will market, promote, distribute and/or refer
Prudential products to its customers.
BSI is the largest Syariah bank and
6th largest bank in Indonesia by assets. It is over five times
larger than the next Syariah bank by assets and has over 20 million
customers and more than 1,000 bank branches nationwide. Indonesia,
with approximately 84% of its 280 million population identifying
with the Islamic faith, represents a significant market for Syariah
financial services.
This partnership marks a significant
step in diversifying Prudential's Indonesian business which has
historically been dependent on the agency channel. It will increase
Prudential's participation in the fast-growing bancassurance
channel and deepen its exposure to the under-penetrated Syariah
segment.
Solmaz Altin, Managing Director, Strategic Business Group,
Prudential plc, said: "This is a
unique opportunity for us to partner with the market-leading
Syariah bank in Indonesia. Indonesia is a key growth market for
Prudential in ASEAN and this partnership will accelerate our growth
ambitions. We look forward to working closely with BSI to support
their customers in achieving their savings and protection
goals."
Anil Wadhwani, Chief Executive Officer,
Prudential plc added: "We
are excited to leverage our bancassurance expertise in the
Indonesian market. We will deploy our operating experience and
product capabilities for our new banking relationship with BSI,
further advancing our extensive transformation of our Indonesian
business. Our focus is on creating a platform of long-term
sustainable value for our customers, our partners and our
shareholders. This in-country transaction aligns with our strategic
and financial objectives."
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Media
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Investors/Analysts
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Simon Kutner
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+44 (0)7581 023 260
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Patrick Bowes
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+852 9611 2981
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Sonia Tsang
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+852 5580 7525
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William Elderkin
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+44 (0)20 3977 9215
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Darwin Lam
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+852 2918 6348
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About
Prudential plc
Prudential plc provides life and
health insurance and asset management in 24 markets across Asia and
Africa. Prudential's mission is to be the
most trusted partner and protector for this generation and
generations to come, by providing simple and accessible financial
and health solutions. The business has dual
primary listings on the Stock Exchange of Hong Kong (2378) and the
London Stock Exchange (PRU). It also has a secondary listing on the
Singapore Stock Exchange (K6S) and a listing on the New York Stock
Exchange (PUK) in the form of American Depositary Receipts. It is a
constituent of the Hang Seng Composite Index and is also included
for trading in the Shenzhen-Hong Kong Stock Connect programme and
the Shanghai-Hong Kong Stock Connect programme.
Prudential is not affiliated in any
manner with Prudential Financial, Inc. a company whose principal
place of business is in the United States of America, nor with The
Prudential Assurance Company Limited, a subsidiary of M&G plc,
a company incorporated in the United Kingdom.
https://www.prudentialplc.com/