Barry Stowe, chief executive of insurance firm Prudential Corporation Asia, has stated that the company expects to at least double the 2005 Asian life new business profits over the next three years.
Prudential, the UK’s second largest insurer, currently makes 48% of its total new business profits from Asia, operating across 12 countries including China and Japan, with more than seven million customers.
Prudential has built significant presence and scale in Asia with positions in all the major markets in the region. Between 1994 and 2005 life sales grew by 24% CAGR and funds under management by 34% CAGR with strong growth continuing into 2006, commented Mr Stowe.
In November 2006, Prudential Corporation Asia witnessed a 22% increase to over GBP3.5 billion in its new business sales over the first nine months of the year.