Robinsons Bank-Pru Life bancassurance tieup OKd

MANILA, Philippines — Robinsons Bank and Pru Life UK have received the necessary regulatory approvals for their strategic bancassurance partnership. Approvals have been received from the Bangko Sentral ng Pilipinas and the Insurance Commission, both of which are required for the three-year partnership which will see Pru Life UK officially distributing its life insurance products exclusively through Robinsons Bank’s 135 branches across the country.

Both Robinsons Bank and Pru Life UK are optimistic about the alliance as expressed by their respective leaders when the partnership was formally announced in January this year.

Robinsons Bank’s president and CEO Elfren Antonio S. Sarte said that bancassurance was a major part of their strategic plans, while Pru Life UK president and CEO Antonio de Rosas added that the partnership would benefit Robinson Bank’s customers by providing them with easy access to Pru Life UK’s life insurance solutions to suit their growing protection needs.

The companies signed the partnership agreement during a press conference held in January this year.

Established in 1996, Pru Life UK is a subsidiary of Prudential plc. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans. Prudential plc is a United Kingdom-registered company. Its regional headquarters, Prudential Corporation Asia, is based in Hong Kong. Pru Life UK and Prudential plc are not affiliated with Prudential Financial, Inc. (a US-registered company), Philippine Prudential Life Insurance Company, Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered companies).

Robinsons Bank is majority-owned by JG Summit Holdings, Inc. To date, the bank has 134 branches nationwide, with expansion plans in the future.