Prudential Life Assurance (Thailand) PCL
Prudential Thailand and CIMB Thai Announce Partnership, Strengthens Bancassurance Channel in Thailand
(Bangkok, Thailand) Prudential Life Assurance (Thailand) Public Company Limited (Prudential Thailand), a subsidiary of Prudential plc and one of the leading life insurance service providers in Thailand, announced today that it has partnered with CIMB Thai Bank Public Company Limited (CIMB Thai), the Thai banking franchise of CIMB Group Holdings Berhad (CIMB Group). The strategic bancassurance partnership is intended to provide Prudential’s leading suite of health and wealth solutions to CIMB’s large and growing customer base.
Bancassurance is experiencing continuous growth as customers are becoming more interested in planning and purchasing various types of insurance, including life, health, savings, and investment, through the bank’s reliable and efficient branch network. In addition to strengthening the business, this collaboration also gives CIMB Thai’s customers options in deciding on various insurance and financial plans from Prudential Thailand that covers every aspect of life.
Mr. Bundit (Kenny) Jiamanukoonkit, Chief Executive Officer of Prudential Thailand, said, “It is a great pleasure that, today, we have partnered with another strong bancassurance partner in Thailand, CIMB Thai Bank of the CIMB Group, which is well-known as a leading bank in the ASEAN region. Prudential has more than 175 years of business experience covering life insurance and asset management businesses. With the combined experiences, expertise, and strong financial position of both companies, I believe that this partnership will help CIMB Thai’s individual and auto-financing customers access a variety of insurance plans and services easier, with increased service efficiency, better customer experience, and convenience.”
“In addition to the inclusive financial & insurance solutions, Prudential Thailand has provided comprehensive customer service through diverse digital platforms, streamlined approval processes, and policy services facilitated by PRUServices@Pulse and PRUConnect. These are offerings that will be extended to CIMB Thai’s customers to connect to Prudential’s services anywhere, anytime,” Mr. Bundit added.
Tan Keat Jin, Head of Consumer Banking, CIMB Thai Bank, said: “The establishment of this partnership will allow us to focus on the development of innovative solutions to fulfill the protection and retirement needs of Thailand’s growing affluent segment, while supporting them at every stage of their lives. Both CIMB Thai and Prudential Thailand also share a common ambition to deliver the best-in-class digital bancassurance experience to customers, and remain committed to the continued enhancements of our digital platforms and capabilities in providing a comprehensive and competitive offering.”
Paul Wong Chee Kin, President and Chief Executive Officer of CIMB Thai Bank, said, “The bancassurance business will continue to be a strategic driver of the Bank’s growth over the long term. This partnership combines CIMB Thai’s leading wealth management franchise with the insurance and asset management expertise of Prudential Thailand, an established and prominent global brand.”
“We look forward to collaborating with Prudential Thailand and I am confident that through our distinctive strengths, we can deliver sustainable long-term value to our customers, shareholders, employees, and other key stakeholders,” he added.
The new strategic partnership with CIMB Thai enables Prudential Thailand to achieve the scale and presence as one of the top leading players in the bancassurance market as well as drive sustainable business together.
About Prudential in Thailand
Prudential has operated in Thailand for over 28 years through Prudential Life Assurance (Thailand) Public Company Limited. Prudential serves more than 1.9 million customers in Thailand and manages more than Thai Baht 112 billion assets on their behalf. In 2022, the Thailand business grew operating profits APE by 8 percent to USD 235 million, accordingly. (31 December 2022 figures).
About CIMB Thai
CIMB Thai Bank Public Company Limited (“CIMB Thai”) is a fully-licensed commercial bank with its network of 54 branches across Thailand (as of 31 December 2023). CIMB Thai is committed to its vision of becoming a digital-led bank with ASEAN Reach. CIMB Thai’s aim is to build a high-performing sustainable organization to help advance customers and society, leveraging its best-in-class financial solutions, ASEAN network and technology.
CIMB Thai is 94.83% owned by CIMB Group Holdings Berhad (“CIMB Group” or “the Group”) which is headquartered in Kuala Lumpur, Malaysia. CIMB is one of ASEAN’s leading banking groups and Malaysia’s second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM57.9 billion as at 30 September 2023. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in eight ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam, Myanmar and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong and UK.
For more information, please visit www.cimbthai.com
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Prudential Life Assurance (Thailand) PCL
CIMB Thai Corporate Communications