CEO: New Generation Y product expected to generate 20% of business in Malaysia this year
Prudential Assurance Malaysia Bhd is targeting to tap into the Generation Y market, that is those in the age group of 25 and below, to spearhead the group’s business in the country.
Prudential chief executive officer Charles Oropeza told StarBiz that the group’s recently launched PRUlife product for the Generation Y market was expected to generate about 20% of the group’s business in Malaysia this year.
“The Generation Y comprises 30% to 35% of our workforce of 12,500 insurance agents in the country.
“We are also looking at various cities throughout the country for business opportunities to set up new branches, which currently stand at 41,” he said.
Oropeza: ‘The Generation Y comprises 30% to 35% of our workforce of 12,500 insurance agents in the country.’
Last year, the group’s total revenue was RM1.02bil, an increase of 24% from 2009.
“This year we are on course to exceed last year’s growth of 24%, despite a slower gross domestic product (GDP) growth forecast of about 5%, compared with 7% in 2010.
“This is because during times of uncertainties, there will be more people buying protection and those who already have insurance will be expanding their policy coverage,” he said.
The other product launched this year, the PRUretirement reward plan, would also drive the growth of the group this year, Oropeza said.
On the group’s best-selling products, Oropeza said the its investment-linked products, such as the PRUlink, were best-sellers.
“They generate about 80% of the group’s revenue,” he said.
Oropeza said the northern region would continue to play a significant role this year.
“In 2010, the northern region generated about 22% of the group’s RM1.02bil revenue,” according to Oropeza.
On the group’s takaful business segment, Oropeza said the takaful insurance was now about 17% of the group’s business.
“Our bumiputra workforce has also grown from about 15% three years ago to about 38% presently,” he said.
The Star
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