Prudential supports Hong Kong in enhancing regulatory framework for insurance groups

Prudential plc (Prudential) welcomes the Bill issued today (20 March 2020) by the Hong Kong government to enhance the framework for the regulation and supervision of insurance groups in Hong Kong.

Since taking over as Group supervisor for Prudential in October 2019, the Hong Kong Insurance Authority (HKIA) has engaged Prudential and the wider insurance industry in Hong Kong on the development of a new group-wide oversight framework.

Mike Wells, Group Chief Executive of Prudential, said: “We welcome the introduction of this legislation by the Hong Kong government. This will be a comprehensive, robust regulatory regime aligned with global best practice.

“The new supervisory regime will reinforce Hong Kong’s position as a pre-eminent global financial centre, make the territory even more attractive as a hub for insurers with large regional and global operations, and cement HKIA’s role as a respected supervisor of international groups.”

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About Prudential plc

Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. The business helps individuals to de-risk their lives and deal with their biggest financial concerns through life and health insurance, and retirement and asset management solutions. Prudential plc has 20 million customers and is listed on stock exchanges in London, Hong Kong, Singapore and New York. Prudential plc 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, a subsidiary of M&G plc, a company incorporated in the United Kingdom.