Our Markets

Rising wealth and significant insurance protection gaps are creating a potential $1 trillion growth opportunity in two of the world’s largest continents.

Across India, Greater China, and the ASEAN markets, insurance cover remains at just two to three per cent of GDP.

Meanwhile, healthcare can lead to four times more out-of-pocket expenses in Asia than in the US.

This is despite half of the world’s population living in Asia and Africa, and many countries in each continent having rapidly expanding middle classes.

How we're responding

To meet the opportunity, we’re evolving from an organisation built around products and channels to one led by our customers’ needs. We believe that by delivering value to our customers and their communities, we’re building a platform for sustainable growth in Greater China, India, Africa, and ASEAN.

Greater China

Mainland China, Hong Kong, and Taiwan present significant long-term opportunities. Backed by the strength of the Prudential brand and our partnerships, we are well positioned for continued growth in the region.

In Mainland China, our joint venture, CITIC Prudential Life (CPL), has a 25-year track record and a footprint across more than 100 cities. It positions us to serve a market of 1.4 billion people, with a life insurance penetration rate of just 2 per cent — representing a protection gap of around $805 billion.

In Hong Kong, we operate across all 11 cities of the Greater Bay Area and serve 1.4 million customers. In Taiwan, we are the leading foreign insurer in a market that is the fifth largest for life insurance in Asia.

To learn more about our Citic Prudential Life Joint Venture, click here.

ASEAN markets

The ASEAN markets are a diverse group with a combined population of more than 650 million. Prudential’s extensive footprint enables us to balance performance across these markets and reduce dependency on any single geography.

We operate in Indonesia, Malaysia, Singapore, Thailand, Vietnam, the Philippines, Cambodia, Myanmar and Laos — supported by one of the region’s leading multi-channel distribution franchises, with over 40,000 monthly active agents. We also partner with established banks including Standard Chartered and UOB, and benefit from a strong brand and reputation across the region.

We hold top three positions in seven out of nine ASEAN markets, including Singapore, Malaysia, and Indonesia, as well as fast-developing markets like the Philippines, Vietnam, Cambodia, and Laos.

With insurance penetration across the region at just one per cent, we are focused on continuing to grow while strengthening this leadership position.

India

With a population of 1.4 billion, low life insurance coverage, and a health protection gap estimated at over $350 billion, India represents a compelling opportunity.

We continue to work closely with our partner, ICICI Bank, across both the life insurance and asset management segments to reach and serve more customers.

In 2024, we expanded our distribution network by adding 68,000 agents and 46 new bank partnerships. Sales of new life insurance policies grew by 20%—a trend we expect to continue in the near term.

To learn more about our ICICI Prudential Life Joint Venture, click here.

Africa

We see Africa as a long-term growth opportunity. The continent represents an underserved population of over 450 million, with life insurance penetration rates below two per cent.

While these markets currently contribute a small share, they offer significant growth potential. Despite macroeconomic uncertainties, sales of new life insurance policies grey by 16% in 2024.

We’re focusing on the highest-value opportunities, where our multi-channel distribution platforms provide a strong competitive advantage.