Acceleration of strategy with addition of a scale life insurance platform to complement Prudential’s strong asset management position
Prudential Life Assurance (Thailand) Public Company Limited (“Prudential Thailand”), a subsidiary of Prudential plc, is pleased to announce it has entered into a strategic bancassurance partnership with TMB Bank Public Company Limited (“TMB”) with an initial term of 15 years to provide Prudential’s leading suite of health and wealth solutions to TMB’s large and growing customer base.
The new agreement significantly expands and extends Prudential’s successful partnership with Thanachart Bank to TMB Bank, which following their merger is the sixth largest bank by deposits and fourth largest bank by branches in Thailand.
Thailand is the second largest life insurance market and the largest mutual fund market in ASEAN with significant growth potential. The bancassurance partnership strongly complements Prudential’s top-five market position in the mutual fund market. It also deepens the strong relationship with TMB established through Prudential’s joint venture asset management partnerships¹, where Prudential have a 12 per cent share² of the Thai mutual fund market. Together, both partners now have a high-quality platform to deliver best in class, holistic health and wealth solutions to 9 million TMB customers equivalent to 17 per cent of the country’s adult population³.
The new strategic partnership with TMB enables Prudential Thailand to achieve the scale and presence in the life insurance market, consistent with its ambition of being a leading player. It is also strongly aligned with TMB’s own aspirations of being a partner in its customers’ lives in providing a suite of insurance solutions and digital services.
Prudential Life Assurance (Thailand) Public Company Limited (“Prudential Thailand”), a subsidiary of Prudential plc, is pleased to announce it has entered into a strategic bancassurance partnership with TMB Bank Public Company Limited (“TMB”) with an initial term of 15 years to provide Prudential’s leading suite of health and wealth solutions to TMB’s large and growing customer base.
The new agreement significantly expands and extends Prudential’s successful partnership with Thanachart Bank to TMB Bank, which following their merger is the sixth largest bank by deposits and fourth largest bank by branches in Thailand.
Thailand is the second largest life insurance market and the largest mutual fund market in ASEAN with significant growth potential. The bancassurance partnership strongly complements Prudential’s top-five market position in the mutual fund market. It also deepens the strong relationship with TMB established through Prudential’s joint venture asset management partnerships¹, where Prudential have a 12 per cent share² of the Thai mutual fund market. Together, both partners now have a high-quality platform to deliver best in class, holistic health and wealth solutions to 9 million TMB customers equivalent to 17 per cent of the country’s adult population³.
The new strategic partnership with TMB enables Prudential Thailand to achieve the scale and presence in the life insurance market, consistent with its ambition of being a leading player. It is also strongly aligned with TMB’s own aspirations of being a partner in its customers’ lives in providing a suite of insurance solutions and digital services.