The split of the European and U.K. operations at M&G Prudential will see the insurer focus on international business development. Asia will be at the core.
Prudential Asia boss Nic Nicandrou said his firm will bolster investments to develop its Asian business and expand its investor base in the region, the «Hong Kong Economic Journal,» (Chinese language) reports.
Hong Kong remains a key market for Prudential, with the largest contribution to new business in the region last year. Nicandrou cited the use of financial technology solutions as a key factor of the group's Asian growth strategy. The insurer will invest HK$3.29 billion annually in technology in Asia over the next three years, the CEO said.
Prudential will also relocate the legal entity for its Hong Kong insurance subsidiaries to Asia from the U.K., reducing exposure to European capital rules. Prudential announced its intention to demerge its U.K. and Europe business last week.
