Prudential Singapore Obtains Regulatory approval to set up new financial advisory arm

Prudential Singapore is setting up a financial advisory firm to offer a wider range of products and services to its customers. The life insurer received approval from the Monetary Authority of Singapore on 27 December 2022.

Through the new Financial Advisory arm, Prudential will be able to provide customers with more products and services complementary to its life insurance offerings including whole life, term life, critical illness, retirement and savings insurance plans as well as group life and medical insurance. This includes wealth solutions and general insurance such as travel insurance and motor insurance.

The new firm adds to Prudential’s existing distribution channels comprising a tied agency of over 5,000 financial consultants, exclusive Bancassurance partners United Overseas Bank and Standard Chartered Bank as well as digital channels such as the Pulse by Prudential app.

Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 92 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$53.3 billion funds under management as at 31 December 2021. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of over 5,000 financial consultants.

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