Robinsons Bank, Pru Life partner for bancassurance

MANILA, Philippines — Gokongwei-led Robinsons Bank Corp. and British life insurer Pru Life UK launched their bancassurance partnership after receiving the green light from regulators.

The partnership is part of the commitment of Robinsons Bank and Pru Life to help secure the financial future and growing protection needs of Filipinos.

Through the tie up, the country’s 19th largest lender in terms of assets would further serve its clients by making available Pru Life insurance products to complement its existing products and services.

Pru Life would be able to distribute its life insurance products through the 137 branches of Robinsons Bank nationwide.

Both the Bangko Sentral ng Pilipinas (BSP) and the Insurance Commission have approved the bancassurance partnership.

Robinsons Bank and Pru Life signed a three-year bancassurance partnership last January.

Robinsons Bank president and chief executive officer Elfren Antonio Sarte said during the signing, the partnership would generate approximately P40 million to P50 million in premiums on the first year.

On the other hand, Pru Life UK president and chief executive officer Antonio Manuel De Rosas said the tie up would help the life insurer diversify its distribution channels.