Prudential is expanding its operations in China as part of efforts to boost its product coverage and sales distribution in the country.
According to reports, Prudential is planning to increase its stake in a local joint venture, increase headcount, and establish more offices in China.
The strategy for the life insurance business is to cover as much of China as possible, said Nic Nicandrou, chief executive of Prudential Corp Asia.
He also revealed Prudentialâ€™s interest in boosting its stakes in its joint ventures in China to 51% or more, once Chinese regulators loosen restrictions on foreign ownership.
China is currently the largest contributor to Prudential’s new sales each year and the fourth-largest contributor to its profit, Nicandrou said.
He also stressed that Chinaâ€™s insurance market remains underpenetrated compared with developed countries, presenting Prudential with immense space for growth.
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