LIFE INSURER Pru Life UK is set to offer asset management and trust products after getting the central bank’s approval to establish a trust corporation.
In a statement, the British insurance firm said the Bangko Sentral ng Pilipinas has approved its plan to set up a wholly owned subsidiary Pru Life UK Asset Management and Trust Corp.
“The establishment of the trust corporation will complement Pru Life UK’s insurance business and allow us to provide more value to our customers by offering them a wider range of financial solutions,” Pru Life UK Vice-President and Chief Investment Officer Antonio L. Garces II was quoted as saying in the statement.
Pru Life UK President and Chief Executive Offcier Antonio G. De Rosas said the creation of a stand-alone trust company will provide greater convenience to its clients as they will work with fewer fund managers.
“Our customers, as well as the general public, will also benefit from having more financial planning options with Pru Life UK, whether relating to protection, insuravest, or investments,” Mr. De Rosas added.
Pru Life UK, the subsidiary of international financial services group Prudential plc, has been offering life insurance products in the Philippines since 1996.
It has expanded its reach to over 130 branches in the country with 20,000 licensed agents.
In January, the insurance firm signed a three-year bancassurance partnership with Robinsons Bank, granting Pru Life UK the exclusive right to sell and distribute insurance policies through the branch network of the Gokongwei-led lender.
The IC approved the bancassurance deal in April.
Pru Life UK was the fifth-largest life insurer in the country in terms of premium income as of end-2017 with P19.221 billion, data from the commission showed. — K.A.N. Vidal