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HONG KONG, CHINA/BANGKOK, THAILAND - Media OutReach - 29 April 2020 - Prudential Corporation Asia (PCA) today announced that Robin Spencer has been appointed Chief Executive Officer (CEO) of its business unit in Thailand, Prudential Life Assurance (Thailand) Public Company Limited (PLT), subject to regulatory approval.
Robin takes over from Aman Chowla as CEO of PLT, reporting to Wilf Blackburn, Regional CEO, Insurance Growth Markets. Wilf reports to Nic Nicandrou, Chief Executive of PCA.
Robin's appointment follows Prudential's signing in March 2020 of a strategic, long-term bancassurance partnership with TMB Bank (TMB) in Thailand to offer life, health and savings solutions to TMB's nine million customers. The alliance also strongly complements and deepens the strong relationships with TMB established through Prudential's asset management joint ventures in Thailand, TMBAM Eastspring and Thanachart Fund Eastspring[1]. Prudential has a 12 per cent share of the country's mutual fund market.
Nic said, "I am delighted to announce that Robin will take on the important role of CEO of Prudential Life Assurance (Thailand). Our partnership with TMB is strategically important to our business. It is part of our significant investments to broaden further our footprint and presence in Thailand, the second-largest life insurance market and the largest mutual fund market in ASEAN. With his extensive skill set and track record, Robin is exceptionally well-placed to lead Prudential Thailand to even greater success."
Robin joined PCA in 2018 as Chief Operating Officer (COO), bringing with him 25 years of CEO, senior functional and business experience in the insurance industry across life, non-life and asset management in Asia, Europe, North America and the UK.
As COO at PCA, Robin led key transformation projects across the region, all focused on delivering an exceptional experience for Prudential's customers and driving the success of the business. He will bring his knowledge and experience to Thailand, facilitating new ways of working, innovation and speed, and ensuring Prudential delivers what customers want and expect of us.
Robin said, "I am excited to take on my new role in Thailand, a significant growth market for Prudential in Asia. Prudential Thailand has been serving the evolving needs of the Thai people for 25 years. With our partnerships with TMB, Prudential Thailand is well-positioned to build on its track record to achieve the next level of growth, as it continues to protect the health and grow the wealth of its customers.
I look forward to playing a key role in driving and shaping Prudential Thailand's future."
[1] In December 2019 Eastspring Investments, the asset management arm of Prudential, acquired 50.1 per cent of Thanachart Fund (now known as Thanachart Fund Eastspring). In September 2018 Eastspring acquired a 65 per cent stake in TMB Asset Management (now known as TMBAM Eastspring).
[2] As at 31 December 2019
[3] Life Weighted Premium represents new and renewal regular premium plus 10 per cent of single premium.
About Prudential Corporation Asia
Prudentialis a leading life insurer with operations spanning 13 markets in Asia, coveringCambodia, China, Hong Kong, India, Indonesia, Laos, Malaysia, Myanmar, thePhilippines, Singapore, Taiwan, Thailand and Vietnam. Through a robustmulti-channel distribution platform, Prudential provides a comprehensive rangeof savings, investment and protection products to meet the diverse needs ofAsian families.
EastspringInvestments manages investments across Asia on behalf of a wide range of retailand institutional investors. It is a leading Asia-based asset manager withon-the-ground presence in 11 major Asian markets as well as distributionoffices in North America and Europe. It has over US$241 billion in assets undermanagement (as at 31 December 2019), managing funds across a range of assetclasses including equities and fixed income.
*Prudential plc is not affiliated in any manner withPrudential Financial, Inc. of the United States or with the PrudentialAssurance Company, a subsidiary of M&G plc, a company incorporated in theUnited Kingdom.
Prudential plc is listed on the stock exchanges of London (PRU.L), HongKong (2378.HK), Singapore (K6S.SG) and New York (PUK.N).
About Prudential in Thailand
Prudential has operated in Thailand for morethan 24 years through Prudential Life Assurance (Thailand) Public Company Limited. Prudential serves more than 1.6 million customers in Thailand and managesmore than Thai Baht 112 billion of assets on their behalf[2]. In 2019 the Thailand business grew IFRSoperating profits by 8 per cent to USD 170 million and Life Weighted Premium by8 per cent to USD 619 million[3].
