Prudential Partners with Bank Syariah Indonesia to Boost Syariah Insurance Growth in Key ASEAN Market

Prudential Partners with Bank Syariah Indonesia to Boost Syariah Insurance Growth in Key ASEAN Market

(IN BRIEF) Prudential has entered into a strategic partnership with Bank Syariah Indonesia (BSI), enabling the company to offer Syariah-compliant life insurance through BSI’s extensive network starting in 2025. This collaboration is seen as a key step for Prudential to grow in Indonesia’s Syariah market and expand its bancassurance reach.

(PRESS RELEASE) LONDON, 27-Sep-2024 — /EuropaWire/ — Prudential plc has announced a new long-term strategic partnership with Bank Syariah Indonesia (BSI), the largest Syariah bank in Indonesia. Under this agreement, Prudential Sharia Life Assurance will become BSI’s exclusive Syariah life insurance provider starting in early 2025. BSI, which has over 20 million customers and more than 1,000 branches, will market and distribute Prudential’s Syariah-compliant insurance products.

Indonesia, where approximately 84% of the 280 million population practices Islam, represents a growing market for Syariah financial services. This collaboration significantly enhances Prudential’s presence in the bancassurance space and deepens its exposure to the under-served Syariah insurance segment.

Solmaz Altin, Managing Director of Strategic Business Group at Prudential, emphasized the partnership’s significance, saying, “Partnering with BSI allows us to tap into Indonesia’s fast-growing Syariah market, a key growth driver in ASEAN.” Anil Wadhwani, CEO of Prudential, added, “We are eager to utilize our bancassurance expertise to enhance our Indonesian operations and deliver long-term value to customers, partners, and shareholders.”

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.

https://www.prudentialplc.com/

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SOURCE: Prudential plc