Prudential Thailand and TMB Bank establish bancassurance partnership
Prudential Life Assurance has entered into a strategic bancassurance partnership with TMB Bank Public Company Limited with an initial term of 15 years to provide Prudential’s suite of health and wealth solutions to TMB’s customer base. As part of the partnership, Prudential’s Thai unit will buy the exclusive rights from FWD Group (which entered a 15-year agreement with TMB in 2017) to sell products through TMB Bank for approximately $754 million. The partnership is expected to begin on January 1, 2021.
The new agreement “significantly” expands and extends Prudential’s successful partnership with Thanachart Bank, which is merging with TMB Bank. Following their merger, they will be the sixth largest bank by deposits and fourth largest bank by branches in Thailand.
“We are delighted to enter into a long-term strategic life insurance partnership with TMB, further complementing our asset management relationships in Thailand. This partnership combines TMB’s unrivalled local market knowledge and reach with Prudential’s significant expertise in life, health and savings solutions. It will provide Thais with access to a fast growing and expanding digital platform and best-in-class holistic solutions to both protect their families and grow their wealth. We are also delighted to contribute to Thailand’s economic and social development by investing in local capital markets and by creating significant employment opportunities.” – Nic Nicandrou, Chief Executive of Prudential Corporation Asia.
“We look forward to taking our life insurance business to the next level with Prudential Thailand, as we provide innovative offerings to customers across the country. At the heart of this partnership is a shared commitment to making a difference in our customers’ lives by addressing their unique needs, ultimately enhancing their financial wellbeing and supporting the country’s sustainable development.” – Piti Tantakasem, Chief Executive of TMB.