PRU LIFE Insurance Corp. of UK (Pru Life UK) is eyeing to launch its asset management and trust subsidiary before the year ends, with the insurer already ironing out internal processes and requirements.
In a press conference on Monday, Pru Life UK President and Chief Executive Officer Antonio G. De Rosas said the life insurer is “on track” to launch Pru Life UK Asset Management and Trust Corp. by the fourth quarter.
“Right now, it’s more of getting ourselves ready in time for our target launch which is before the end of the year,” Mr. De Rosas told reporters yesterday.
“There’s a lot of things we still need to do in terms of processes and governance to satisfy the requirements, not only of the regulators which is the BSP (Bangko Sentral ng Pilipinas), but also our own internal governance requirements before we can launch. We want to do this right,” he added.
Pru Life UK said in a previous statement that the creation of a stand-alone trust company will provide greater convenience to its clients as they will work with fewer fund managers.
In January, the insurer said Antonio L. Garces II, who serves as Pru Life UK vice-president and chief investment officer, will head the new trust company.
Mr. De Rosas said Pru Life UK will be able to offer more “flexible” investment vehicles under the new money market arm.
“We will offer similar and dissimilar products that we are currently offering. Products we offer (right now) are mainly single premiums and that comes a long with an attached life insurance cover. For the asset management company there will be no life insurance cover…so we are flexible in the kind of products we will offer,” he said yesterday.
Mr. De Rosas added that the company already accomplished regulatory approvals for the establishment of Pru Life UK Asset Management and Trust.
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 160 branches nationwide with 31,000 licensed agents. Mr. De Rosas said the insurer aims to increase insurance sales by employing more agents and improve their productivity.
Insurance Commission data showed Pru Life UK was the fourth-largest life insurer in the country in terms of premium income in 2018 with P22.03 billion, higher than the P19.22 billion recorded in 2017. — Karl Angelo N. Vidal