Expanding into Northwest China to serve rising demand for protection and savings products
CHINA - Media OutReach - 14
January 2019 - CITIC-Prudential Life Insurance Company Limited ("CITIC-Prudential") has
received approval from the China Banking and Insurance Regulatory Commission
("CBIRC") to begin preparatory work for the establishment of a new branch in
Shaanxi province -- the company's 20th branch in China. The expansion is part of
CITIC-Prudential's commitment to extend its footprint in China and serve the
protection and savings needs of millions of consumers in one of the country's
most prominent regions.
Nic Nicandrou, Chief Executive of
Prudential Corporation Asia and Chairman of CITIC-Prudential, said: "China is
central to Prudential's growth strategy and represents our third-largest growth
market in Asia. The rising middle class, ageing population and soaring
household wealth present tremendous opportunities for us to support the health
and protection needs of the population in China where many families are still un-insured
or under-insured." In the first nine months of 2018, health and protection solutions
accounted for around 42% of the company's sales mix in China and grew 15% over
"Since entering China
in 2000, CITIC-Prudential has seen strong annual double-digit, high quality
growth," Nicandrou continued. "The addition of the Shaanxi branch is a
milestone because it allows us to better serve customers in Northwest China. With
our vast and growing network, we are well-placed to meet the evolving needs of
Chinese consumers, leveraging not just our geographic reach but also innovation
and digital technology with a human touch."
The province of Shaanxi is home to the ancient capital of
Xi'an. Once an entry point to the Silk Road, the city has seen rapid social and
economic development in recent years. With a population of 38 million, Shaanxi
registered GDP of RMB2.2 trillion in 2017, an increase of 8% from the previous year. The
insurance industry also enjoyed steady growth, recording RMB70 billion in total
life insurance premiums as of November 2018, a 12% increase from 2017, placing
it 14th among all provinces.
establishing the first Sino-British insurance joint venture in China in 2000,
CITIC-Prudential has built a comprehensive network of 224 sales offices in 87
cities in China with access to 78% of the country's gross domestic product
(GDP). The company has 19 branches, close
to 40 bank partners and an agency force of 48,0003 across the country.
November, Prudential plc's Asian asset management business, Eastspring
Investments (Eastspring), announced the official opening of a full-service
investment and distribution office in Shanghai, with the aim of serving the
investment needs of high net worth individuals and institutional investors in
China. The new office complements Eastspring's existing joint-venture partnership
with CITIC Group, CITIC-Prudential Fund Management Company, which focuses on
the retail market and was established in 2005.
growing footprint in China is well positioned to meet the fast growing and
evolving health, protection and savings needs of consumers.
PRUDENTIAL CORPORATION ASIA ("PCA")
PCA 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.
PCA 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 protection, savings and investment products to meet
the diverse needs of Asian people.
Eastspring Investments manages
assets on behalf of retail and institutional investors. It is one of the
region's largest asset managers, with a presence in 10 major Asian markets as
well as distribution offices in the US and Europe. It has £138 billion in
assets under management (as at 30 June 2018) and provides investment solutions
across a broad range of asset classes.
*Prudential 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 170 years and has £664 billion in assets under management (as at
30 June 2018). 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.
Prudential plc is listed on the
stock exchanges of London (PRU.L), Hong Kong (2378.HK), Singapore (K6S.SG) and
New York (PUK.N).
Established in 2000, CITIC-Prudential
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-Prudential
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, Anhui, Sichuan,
Suzhou and Hunan. 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-Prudential has 48,000 agents, 5,300
employees and over 1.3 million policyholders (as at 31 December 2018). The
company has won numerous awards and recognitions over the years, including the
'2018 Top 10 Chinese Life Insurers' from the '2018 Asia Insurance
Competitiveness Research Report' commissioned by 21st Century Business Herald.
CITIC-Prudential was also ranked number one in the Solvency Aligned Risk
Management Requirements and Assessment (SARMRA) for 2017, conducted by the
China Insurance Regulatory Commission (CIRC).
 As at 31