PRUDENTIAL Vietnam Assurance, a subsidiary of mainboard-listed Prudential plc, will offer its life insurance products to Southeast Asia Commercial Joint Stock Bank’s (SeABank) customers.
The 20-year exclusive bancassurance partnership with the Vietnamese bank will start from April this year, Prudential said in a bourse filing on Monday.
Prudential Vietnam will also become the preferred life insurance provider to Vietnamese conglomerate BRG Group, which has more than 10 million customers across its business segments including hospitality, banking and finance, real estate, and retail.
The tie-up with SeABank builds on Prudential’s strategy of enhancing its reach in Asia, where there is growing demand for health, protection and wealth management products, the British insurance giant said.
Both partners will provide customers with a comprehensive range of life insurance solutions via a suite of digital tools.
Nic Nicandrou, chief executive of Prudential Corporation Asia, noted that Vietnam is an important market for Prudential due to its “compelling” long-term growth outlook.
Bancassurance has been a key driver of Prudential Vietnam’s recent growth in the country, according to Clive Baker, chief executive officer of Prudential Vietnam.
“We will continue to invest in our partnership network, alongside our well-established and successful agency force,” Mr Baker added.
Shares of Prudential plc on the Singapore bourse last traded on Oct 17 at US$16.00.