Pru Life UK, Robinsons Bank form first bancassurance venture

The local unit of Pru Life of UK and the Gokongwei-led Robinsons Bank have formed their first bancassurance venture, seeing much potential in the country’s insurance space.

The three-year bancassurance partnership enables Pru Life to sell its insurance products via Robinsons Banks’s 134 branches. The strategic bancassurance partnership was forged in a distribution agreement signed at Crowne Plaza Galleria Manila.

Both parties said they expect substantial returns from the joint venture, with Robinsons Bank expecting 40-50 million pesos in revenues for the first year alone.

“The entry into bancassurance business has been integral to Robinson’s Bank’s strategic plan which we term Roadmap 2020,” said Lance Gokongwei, Robinsons Bank chair at the signing of the partnership on Tuesday.

This partnership, he said, would “further accelerate the bank to greater heights as we continue to boost our recurring and core income.”

Gokongwei said the bank sees a lot of potential in the bancassurance business. “Bancassurance will enable us to roll out more products and investment instruments for financial security that will benefit our clients.”