27 Sep 2024

Prudential expands in ASEAN region via a strategic partnership with Bank Syariah Indonesia

Prudential plc has today announced that PT Prudential Sharia Life Assurance ("Prudential") has entered into a long-term strategic bancassurance partnership with Bank Syariah Indonesia ("BSI"). Through this cooperation, Prudential will become the Syariah life insurance provider of BSI from early 2025 and BSI will market, promote, distribute and/or refer Prudential products to its customers.

BSI is the largest Syariah bank and 6th largest bank in Indonesia by assets. It is over five times larger than the next Syariah bank by assets and has over 20 million customers and more than 1,000 bank branches nationwide. Indonesia, with approximately 84% of its 280 million population identifying with the Islamic faith, represents a significant market for Syariah financial services.

This partnership marks a significant step in diversifying Prudential's Indonesian business which has historically been dependent on the agency channel. It will increase Prudential's participation in the fast-growing bancassurance channel and deepen its exposure to the under-penetrated Syariah segment.

Solmaz Altin, Managing Director, Strategic Business Group, Prudential plc, said: "This is a unique opportunity for us to partner with the market-leading Syariah bank in Indonesia. Indonesia is a key growth market for Prudential in ASEAN and this partnership will accelerate our growth ambitions. We look forward to working closely with BSI to support their customers in achieving their savings and protection goals."

Anil Wadhwani, Chief Executive Officer, Prudential plc added: "We are excited to leverage our bancassurance expertise in the Indonesian market. We will deploy our operating experience and product capabilities for our new banking relationship with BSI, further advancing our extensive transformation of our Indonesian business. Our focus is on creating a platform of long-term sustainable value for our customers, our partners and our shareholders. This in-country transaction aligns with our strategic and financial objectives."

About Prudential plc

Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential's mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme.

Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.