Indonesia – Prudential plc has announced that its Indonesian subsidiary PT Prudential Sharia Life Assurance has entered into a long-term strategic bancassurance partnership with Bank Syariah Indonesia (BSI). Through this cooperation, Prudential will become the Syariah life insurance provider of BSI from early 2025 and BSI will market, promote, distribute and/or refer Prudential products to its customers.
This partnership marks a significant step in diversifying Prudential’s Indonesian business which has historically been dependent on the agency channel. It will increase Prudential’s participation in the fast-growing bancassurance channel and deepen its exposure to the under-penetrated Syariah segment.
Solmaz Altin, managing director of strategic business group at Prudential plc, said, “This is a unique opportunity for us to partner with the market-leading Syariah bank in Indonesia. Indonesia is a key growth market for Prudential in ASEAN and this partnership will accelerate our growth ambitions. We look forward to working closely with BSI to support their customers in achieving their savings and protection goals.”
Meanwhile, Anil Wadhwani, CEO at Prudential plc, commented, “We are excited to leverage our bancassurance expertise in the Indonesian market. We will deploy our operating experience and product capabilities for our new banking relationship with BSI, further advancing our extensive transformation of our Indonesian business. Our focus is on creating a platform of long-term sustainable value for our customers, our partners and our shareholders. This in-country transaction aligns with our strategic and financial objectives.”
