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Prudential PLC - London-based, Asia-focused insurer - Plans to offer life and health insurance in Macau, after receiving approval to open a branch of its Hong Kong office there. Prudential says the approval is granted on Thursday by the Macau Special Administrative Region of China. Appoints Chris Ma to be general manager of Prudential Macau, starting immediately. Ma was chief executive officer of AIA Macau, part of Hong Kong-listed insurer AIA Group Ltd, before joining Prudential.
The opening of the branch in Macau, a city known for its casinos, completes Prudential’s footprint in the Greater Bay Area, which is made up of nine cities in Guangdong province, plus Hong Kong and Macau. With 87 million people, the area contributes 11% of China’s gross domestic product. Prudential notes that Macau has a life insurance penetration of just 6.4%, well below Hong Kong’s 17%.
Current stock price: 1,375.50 pence, up 3.1% in London on Thursday morning
12-month change: up 8.7%
By Tom Waite, Alliance News editor
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