The Bangko Sentral ng Pilipinas approved the application of British life insurer Pru Life UK to set up a trust company in the Philippines.
Pru Life, a subsidiary of international financial services group Prudential Plc, said in a statement Wednesday the approval would pave the way for the further expansion of its business in the Philippines by offering asset management services and trust products.
The new company will be called Pru Life UK Asset Management and Trust Corp. and will be a wholly-owned subsidiary of Pru Life UK, the pioneer of investment-linked life insurance products in the Philippines.
“The establishment of the trust corporation will complement Pru Life UK’s insurance business and allow us to provide more value to our customers by offering them a wider range of financial solutions,” Pru Life UK vice president and chief investment officer Anthony Garces said.
“Pru Life UK believes that the creation of our stand-alone trust company will provide greater convenience to our customers as they further consolidate their funds with us and work with fewer fund managers,” Garces said.
He said customers and the general public would benefit from having more financial planning options with Pru Life UK, whether relating to protection, insuravest or investments.
“This is a mission we aim to realize with the support of Pru Life UK’s agency force, the largest in the country,” Pru Life UK president Antonio de De Rosas said.
The officials said the establishment of Pru Life UK Asset Management and Trust Corp. reinforced the British life insurer’s long-standing commitment in securing the financial well-being of Filipino families.
The Insurance Commission granted Pru Life UK the license to operate and sell life insurance products in the Philippines in 1996. Since then, Pru Life UK has expanded its reach to over 130 branches in the country, with the biggest life agency force of more than 20,000 licensed agents and emerged as one of the top five life insurers.
Pru Life UK holds headquarters in Uptown Bonifacio, Taguig City.