Prudential's move to expand its footprint in Singapore, Indonesia and Thailand will bolster expectations that 2010 will be a defining year for the life assurance sector across Asia.
The sector is experiencing unprecedented activity as local and foreign groups jostle to raise capital or strike deals to capture a larger slice of the world's fastest-growing markets for life assurance. “A number of foreign insurers are considering expanding their existing operations in Asia or entering new markets,” says Sandra Khor, head of insurance, Greater China, for Accenture, the consultancy.
UK-based Prudential already books a third of its global sales in Asia – the largest single region – and last week inked an agreement with Singapore's United Overseas Bank to boost its presence there and in its two neighbours.