Pru Life UK in bancassurance 'partnership' with Philippines' bank

Pru Life UK in bancassurance 'partnership' with Philippines' bank

Robinsons Bank, a commercial bank based in Quezon City in the Philippines, will begin offering its clients products from Pru Life UK, following the establishment of a “strategic bancassurance partnership”, the two businesses announced today.

“Through this partnership, Robinsons Bank will be able to further serve its extensive network of customers by providing them with comprehensive financial protection,” Pru Life, an arm of the London-based Prudential group, said in a statement.

It noted that demand for life insurance products has been rising in the Philippines, driven by continued economic growth, growing affluence on the back of an expanding middle class, and a low insurance penetration rate.

Robinson Bank president and chief executive Elfren Antonio Sarte said the bank regarded bancassurance as a “significant part” of its strategic plan, and that it had chosen Pru Life “after a lengthy search” of providers.

Robinsons Bank is majority-owned by JG Summit Holdings, and currently has 134 branches throughout the Philippines.