Growing China presence is key challenge says Prudential chief

Family_insuranceGrowing what is already a sizeable footprint in China is a key challenge, Prudential’s chief executive has said. Britain’s largest insurer has licences in around 70% of the economic footprint with China, said Mike Wells, the group’s chief executive. While China published draft rules in May that would allow foreign firms to hold controlling stakes in insurance companies, there is little evidence of any overseas company that plans to apply to do so. “Beijing is saying they have a plan for greater opening,” Wells told CNBC at the Singapore FinTech Festival. I think like everything in China the time frame is misaligned with U.S. time frames," he added. "You're not going to succeed across Asia if you're not successful in China."  While China’s opening is being widely lauded, investors are still cautious in the face of numerous short-term challenges. These include the trade war with the US, plummeting stock prices and growing defaults. ©2018 funds global asia

Executive Interviews

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Our panel discussed why the Singapore Variable Capital Company makes them bullish, what gives the onshore jurisdiction an offshore feel and “blood on the streets” from China’s slowdown. Chaired by Romil Patel in Singapore.


Jan 11, 2019

Changes to regulation, US-Sino trade tensions and further steps by China to open its capital markets were some of the topics discussed by our panel. Chaired by Romil Patel in Hong Kong.