HONG KONG, CHINA - Media OutReach - 1 March 2017 - CITIC-Prudential Life Insurance Company
Limited ("CITIC-PRU Life") recently received
approval from the China Insurance Regulatory Commission ("CIRC") to commence
preparatory work for the establishment of a new branch in Sichuan province. This
closely follows CITIC-PRU Life's expansion into Anhui province, announced in
November last year.
Situated at the upper reaches of the
Yangtze River in south-western China, Sichuan is China's fourth-largest
province, with a population of 82 million1. In line with accelerated economic growth and ongoing
modernisation in Sichuan, demand for life insurance products has grown strongly
in the province in recent years. In 2016, it recorded
RMB99 billion in Life Gross Written Premiums2, a 43 per
cent year-on-year growth.
Wilkey, Chief Executive of Prudential Corporation Asia, said: "Our strategy is
to provide families with the protection and savings products they need to
secure their financial futures, and the opportunities for us in the Chinese
life insurance market are very significant. Over the last five years, our new business sales and profit in China have more than doubled3,
as has the number of active agents. With Sichuan, we will have a presence in
the top 10 provinces in China in terms of Life Gross Written Premiums. We are
very excited about this further extension of our reach to include Sichuan."
Life has a comprehensive network of 169 sales offices in 69 cities across 15 provinces. The addition of Sichuan means CITIC-PRU Life is represented in provinces that
generate 75 per cent1 of the country's Gross Domestic Product and have a
population of 940 million people1.
ABOUT PRUDENTIAL CORPORATION ASIA
Corporation Asia is a business unit of Prudential plc (United Kingdom)*,
comprising its life insurance operations in Asia, and its asset management
business, Eastspring Investments. It is headquartered in Hong Kong.
is a leading life insurer that spans 12 markets in Asia, covering Cambodia,
China, Hong Kong, India, Indonesia, Laos, Malaysia, the Philippines, Singapore,
Taiwan, Thailand and Vietnam. Prudential has a robust multi-channel distribution
platform providing a comprehensive range of savings, investment and protection
products to meet the diverse needs of Asian families.
Investments manages investments across Asia on behalf of a wide range of retail
and institutional investors. It is one of the region's largest asset managers
with a presence in 10 major Asian markets plus distribution offices in the US
and Europe. It has £104.9 billion (about US$140.3b) in assets under management
(as at 30 June 2016), managing funds across a range of asset classes, including
equities and fixed income.
plc is incorporated in England and Wales, and its affiliated companies
constitute one of the world's leading financial services groups. It provides
insurance and financial services through its subsidiaries and affiliates
throughout the world. It has been in existence for over 165 years and has £562
billion in assets under management (as at 30 June 2016). Prudential plc is not
affiliated in any manner with Prudential Financial, Inc, a company whose
principal place of business is in the United States of America.
plc is listed on the stock exchanges of London (PRU.L), Hong Kong (2378.HK),
Singapore (K6S.SG) and New York (PUK.N).
ABOUT CITIC-PRUDENTIAL LIFE
Established in 2000, CITIC-PRU
Life is the first Sino-British insurance joint venture in China and has
maintained a leading position among foreign joint venture companies in the
country. With the strong support of its joint venture partners, Prudential and
CITIC, CITIC-PRU Life has grown rapidly over the years and currently has
branches in Guangdong, Beijing, Jiangsu, Shanghai, Hubei, Shandong,
Zhejiang, Tianjin, Guangxi, Shenzhen, Fujian, Hebei, Liaoning, Shanxi, Henan
and Anhui. While the company has identified the Pearl River Delta,
Yangtze River Delta and the Bohai Economic Region as its pivotal development
areas, it plans to continue its expansion into central and western China
to achieve country-wide coverage. CITIC-PRU Life has more than 30,000 agents,
2,400 employees and one million policyholders. The company has won numerous awards over the
years, including the 'Best Foreign Insurance Company' by China Internet
Information Center and 'Best Health Insurance Product of the Year' by China
Insurance News in 2016.
 Source: China National
Bureau of Statistics, 2015
 Source: China
Insurance Regulatory Commission
 From Half Year 2011 to
Half Year 2016