Prudential Assurance Malaysia Bhd (PAMB), a subsidiary of UK’s Prudential plc, continued to deliver strong performance, with new business sales for the first six months of 2010 up 39% over the same period last year.
The insurer’s total new business annual premium equivalent (APE), which consists of retail life insurance sales and Takaful contributions, rose to RM395 million as at June 30, 2010 from RM284 million recorded in 2009.
The robust sales were maintained both in the first and second quarter, recording a 55% and 26% growth respectively, according to the company’s statement.
PAMB’s CEO Charlie Oropeza said the company had maintained its momentum since the start of the year and had delivered consistent, positive double-digit growths for the past two quarters.
Prudential Corporation Asia chief executive Barry Stowe said Prudential’s strong performance in Asia was reflective of the success of its products and distribution strategy as well as its focus on execution of the strategy.
Last Thursday, Bank Negara Malaysia (BNM) gave Prudential Holdings Ltd the go-ahead to begin talks to buy a stake in general insurer Pacific & Orient Bhd.
Prudential Holdings, a subsidiary of Prudential plc, is the latest foreign insurer keen to enter Malaysia’s growing insurance market.
Written by Sharon Tan
This article appeared in The Edge Financial Daily, August 19, 2010.
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