Exclusive | Hong Kong ‘excellent hub’ for international insurers planning Asian expansions, Prudential CEO says
- Prudential CEO Anil Wadhwani is based in Hong Kong in a break from traditional London location
- Hong Kong reported strong growth in the first half for Prudential on the return of mainland visitors
Prudential’s CEO Anil Wadhwani, who is the British insurer’s first global head to be based in Hong Kong in its 175-year history, pledged to continue using the city as a centre for its expansion programmes in Asia and Africa, after it showed a strong post-Covid recovery.
“Looking ahead, we continue to see strong growth opportunities in Hong Kong to serve the mainland Chinese visitor customers coming into Hong Kong for saving, health and other protection products,” he said.
For sure, Prudential’s business in Hong Kong has thrived at a time when Hong Kong’s life insurance sales to mainland Chinese visitors surged 59-fold in the first half to hit HK$31.9 billion (US$4 billion). Overall new life insurance sales in Hong Kong rose 26 per cent year on year in the first half to HK$103.1 billion, marginally higher than the HK$99.9 billion in the same period of 2019 before the pandemic.
Wadhwani, 55, moved from rival insurer Manulife in February. He is based in Hong Kong in a break from tradition under which the CEO was based in London.
The change occurred as part of Prudential’s recent corporate restructuring under which it shifted its primary focus to providing life and health insurance and asset management services in Asia and Africa. It follows the decision to spin off its UK and European retirement businesses in 2019 and its US retirement arm in 2021.
