Insurance giant Prudential has received approval from the Macau Special Administrative Region to establish a branch of its Hong Kong business in Macau.
With the addition of Macau, Prudential will have a presence in 24 markets across Asia and Africa.
Prudential will initially offer life and health insurance solutions in Macau through its agency force. The solutions include multi-currency options to meet customer needs in savings, healthcare and protection.
The firm has appointed Chris Ma as general manager of Prudential Macau. Ma was chief executive of AIA Macau prior to joining Prudential.
Lilian Ng, managing director of strategic business group at Prudential, said the Macau branch completes the company’s footprint in China’s Greater Bay Area (GBA). The GBA is made up of nine cities in the Guangdong Province and the two Special Administrative Regions of Hong Kong and Macau.
She added: “While we have seen rapid economic development in Macau, insurance penetration remains low. With the city’s fast-ageing population, there is strong demand from its residents for solutions that can help them access private healthcare facilities in Macau and elsewhere in the GBA.
“The Macau branch will play a pivotal role in our strategy to make healthcare and financial security more accessible to people in the GBA, as we leverage our 50-year experience of providing insurance to customers in Hong Kong.”