Prudential to Open Branch in Macau

By Joe Hoppe

Prudential PLC said Thursday that it has received approval from Macau to open a branch of its Hong Kong business there.

The insurance-and-investment business said it will initially offer life and health insurance, including multi-currency options to meet customer needs in savings, healthcare and protection.

Macau had a life-insurance penetration rate of 6.4% in 2021 compared with Hong Kong's 17%. In 2021, the gross written premium of Macau's life insurance industry grew 26% on year to 33 billion Macanese Pataca ($4.09 billion).

"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," said Lilian Ng, managing director of Prudential's strategic business group.

The company also named Chris Ma as general manager of Prudential Macau with immediate effect.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

January 26, 2023 02:29 ET (07:29 GMT)

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