Prudential expands in China with new CITIC-PRU office in Anhui
CITIC-Prudential Life Insurance, a joint venture between the UK’s Prudential and CITIC in China, has expanded into the Anhui province as it looks to further strengthen its footprint across the country.
Anhui's insurance sector has expanded rapidly in recent years and the new Anhui branch, located in Hefei, will cover the key economies of Pearl River Delta in the south, Yangtze River Delta in the east and Bohai Economic Rim in the north.
"China is an important market to Prudential and it is our strategy to expand to enhance our network and coverage in the country, including the fast growing metropolitan Yangtze River Delta area in Eastern China,” said Tony Wilkey, chief executive of Prudential Corporation Asia.
“We are very excited to commence insurance operations in Anhui. This latest expansion reinforces our steadfast commitment to serve the growing protection and long-term savings needs of the Chinese population.”
The company further plans to continue its expansion into the central and western China.
"China offers attractive long-term opportunities with the world's largest middle class and a vastly underpenetrated life insurance market. Building on our successful partnership with CITIC, we are well-placed to leverage our scale and broad capabilities to deliver sustainable long-term growth in this country,” said Wilkey.
