The Prudential Assurance Company has completed the process of domesticating its Hong Kong branch on January 1.
As per the reorganised the corporate structure, the Hong Kong branch was transferred to two new Hong Kong incorporated companies, one providing life insurance – Prudential Hong Kong Ltd and the other providing general insurance – Prudential General Insurance Hong Kong Ltd, the company said.
The reorganisation is aimed at aligning the branch business in Hong Kong more closely with Prudential’s other Asian operations.
According to the company, this was the last remaining Asian branch office of Prudential’s UK-based business and it has grown to become one of the leading insurers in Hong Kong. The insurance giant has carried out similar reorganisations in the past – most recently in Singapore, Australia, New Zealand and Canada.
Since 1964, The Prudential Assurance Company Limited has been providing customers in Hong Kong with insurance products through a local Hong Kong branch, serving some 800,000 customers.
In September, Prudential had detailed its plans for ‘domestication’ of Hong Kong branch. http://www.international-adviser.com/news/asia/prudential-to-go-ahead-with-planned