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April 30, 2012updated 13 Apr 2017 8:44am

Insurance venture targets Filipinos

and Standard Chartered Bank Philippines have reportedly announced the establishment of Assurance Solutions Insurance Agency, (ASIA) a new firm that will distribute Pru Life products to wealthy Filipino clients of Standard Chartered Bank Philippines BusinessWorld Online reported that ASIA will be a wholly owned subsidiary of Standard Chartered Bank that will be managed separately from the banks operations.

By Ronan Mccaughey

Pru Life UK, a subsidiary of life insurer Prudential, and Standard Chartered Bank have announced the establishment of Assurance Solutions Insurance Agency (ASIA), to distribute Pru Life products to Standard Chartered Bank’s clients in the Philippines.

The agreement extends the distribution alliance between the two parties to the 11th country in Asia.

Pru Life President and CEO Antonio De Rosas said that the new distribution channel will complement its existing business and will be a key priorioty for the provider as it further expands its reach to Filipino customers.

de Rosas said: “We look forward to developing a solid working relationship and success with Standard Chartered Bank in the Philippines.”

Barry Stowe, chief executive of Prudential Corporation Asia, said:  “We are very pleased to broaden and deepen our relationship with Standard Chartered Bank in Asia, which began more than 10 years ago. Central to our success in Asia is bank distribution, which complements well our agency distribution and gives us a broader and more diversified footprint.”

Established in 1996, Pru Life U.K.’s products consist of traditional and unit-linked products that offer protection as well as long-term savings.

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