Pru in Thai life assurance partnership

Insurance goliath Prudential has entered into a long-term exclusive bancassurance partnership in Thailand with Thai firm Thanachart Bank.

Insurance goliath Prudential has entered into a long-term exclusive bancassurance partnership in Thailand with Thai firm Thanachart Bank.

The deal between the two involves the Pru buying the Thanachart Life Assurance Company from Thanachart, the fifth larges retail bank in Thailand, for £358m in cash. A further £10m is to be stumped up 12 months after the acquisition completes, subject to a post-completion agreement once the net asset value of the acquired business has been determined.

The deal gives Pru greater exposure to the fast growing life assurance market in Thailand, which is similar in size in terms of premiums earned to both Indonesia and Malysia.

For Thanachart Bank, the Pru will provide additional training and sales tools to Thanachart staff, while the business's insurance customers will have access to a comprehensive range of protection and savings products.

"This long-term exclusive partnership with Thanachart Bank positions us well for the future and is in line with our multichannel distribution strategy. We continue to invest and grow our partnership business, alongside our well established and successful agency workforce," said Tidjane Thiam, the Group Chief Executive of the Pru.

Recommended

Share tips of the week – 19 August
Share tips

Share tips of the week – 19 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
19 Aug 2022
How to invest in smart factories as the “fourth industrial revolution” arrives
Share tips

How to invest in smart factories as the “fourth industrial revolution” arrives

Exciting new technologies and trends are coming together to change the face of manufacturing. Matthew Partridge looks at the companies that will drive…
18 Aug 2022
How to invest today? Look to the past, not the future
Investment strategy

How to invest today? Look to the past, not the future

The past few years have seen so many changes to our way of life that many people said we had entered a “new normal”. But as it turns out, the new norm…
18 Aug 2022
A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022

Most Popular

How to protect your wealth as inflation hits new record highs
Investment strategy

How to protect your wealth as inflation hits new record highs

UK inflation has hit a new record high of 10.1%. It's going to hurt, says Dominic Frisby. Here's how you can protect your wealth.
17 Aug 2022
How to cut your energy bill
Personal finance

How to cut your energy bill

The energy-price cap will almost double in the autumn. What does this mean for your money, and how can you alleviate the squeeze? Ruth Jackson-Kirby h…
17 Aug 2022
Are GSK’s legal troubles a threat to the firm’s survival?
Biotech stocks

Are GSK’s legal troubles a threat to the firm’s survival?

Pharmaceutical giant GlaxoSmithKline is facing legal action over heartburn drug Zantac that has seen billions wiped off its market value. Rupert Hargr…
16 Aug 2022