Prudential honoured as "Friend of ASEAN"

Firm recognised for its contributions to the region, such as working to improve ASEAN-EU trade relations

Prudential honoured as "Friend of ASEAN"

Insurance News

By Gabriel Olano

Prudential Corporation Asia, the regional business unit of the UK-based financial group, was conferred the “Friend of ASEAN” award by the ASEAN Business Advisory Council (BAC) in recognition for its contributions to the region.

The accolade was given at the ASEAN Business Awards 2017 ceremony held on Wednesday in Manila, Philippines. This is the second time Prudential has received this award.

Currently headquartered in Hong Kong, Prudential launched its first Asian operations in Malaysia over 90 years ago, and it now does business in 14 markets across Asia, eight of which are members of ASEAN. It is also working towards strengthening trade relations between the EU and ASEAN, as current chair of the EU-ASEAN Business Council.

In a press statement, Nic Nicandrou, CEO of Prudential Corporation Asia, said: “We are extremely proud to receive this honour from the ASEAN BAC for the second time. ASEAN is central to our growth in Asia. Not only is there a growing need for life insurance with a low penetration rate at 3%, more than 60% infrastructure spending in the region remains unmet. As a leading life insurer and asset manager, we are committed to serving the protection needs of families and the long-term development of ASEAN.”

Joey Concepcion, chairman of the ASEAN BAC, added: “The Friend of ASEAN recognition is a testament to Prudential's efforts, quality of delivery and contribution to the region. We are confident Prudential, and other recipients of this year's awards, will continue to be at the forefront of guiding its peers and remain key contributors to the region's success.”

Founded in 2003, the ASEAN BAC provides private sector feedback and guidance to ASEAN’s economic integration efforts. It also identifies priority areas for consideration by ASEAN’s and its member countries’ leaders. The BAC members are appointed by each member government’s minister-in-charge. Up to three company CEOs are appointed per country, with one representing the small and medium enterprise sector.

Aside from Prudential, ANZ Banking Group and Robert Bosch Pte Ltd were also honoured as Friends of ASEAN.

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