By Karl Angelo N. Vidal, Reporter
PRU LIFE Insurance Corp. of UK (Pru Life UK) is planning to launch an asset management and trust unit within the year.
Pru Life UK Senior Vice-President and Chief Marketing Officer Allan M. Tumbaga said the British company is in the process of securing approvals for Pru Life UK Asset Management and Trust Corp.
“It has gone through the SEC (Securities and Exchange Commission)…. So we’re back with the BSP (Bangko Sentral ng Pilipinas) now. We’re putting in all the BSP requirements for us to be able to [establish] a trust company,” Mr. Tumbaga told reporters on Thursday.
The asset management unit of Pru Life UK will likely offer products such as unit investment trust funds as well as equity-laced funds to serve customers across all risk appetites.
“I don’t know the mix yet, but it only makes sense to cater the needs of the customers, from the conservative to the aggressive,” Mr. Tumbaga said.
“The idea there is to be able to address the needs of our customers…. We want to make sure we’re there for our customers and for their financing needs.”
In a previous statement, Pru Life UK President and Chief Executive Officer 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 said.
Antonio L. Garces II, who serves as Pru Life UK vice-president and chief investment officer, will head the new trust company.
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 nationwide with 27,000 licensed agents.
This year, Mr. Tumbaga said the life insurer will integrate its digital channels with the traditional touchpoints such as its branch and agency networks.
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, latest data from the Insurance Commission showed.