Robinsons Bank takes in Pru Life

Gokongwei-led Robinsons Bank on Tuesday inked a deal to distribute traditional products of British life insurer Pru Life UK.

Signed in Pasig City on Tuesday, the distribution agreement enables Robinsons Bank to sell life insurance from Pru Life.

“After a lengthy search, we are happy to announce our partnership with Pru Life UK, a well-regarded insurance company with considerable experience and wide global presence,” Robinsons Bank President and CEO Efren Antonio Sarte said.

“Bancassurance has always been a significant part of our ‘Roadmap to 2020’ strategic plan, and it is important that we find the right partner who would help us deliver the best product choices to our customers,” he said.

The partnership will be able the insurer to grow revenues, Pru Life president and CEO Antonio de Rosas said.

“We just started, so you can expect as the year goes it will be more and more until it grows a significant portion of the business,” De Rosas told reporters on the sidelines of the signing ceremony.

Pru Life has secured regulatory approvals to sell traditional products in Robinsons Bank branches and is now in applying for selling investment-linked products.

“Approved na ‘yung to sell traditional. We are just limited in the sale of traditional products. We cannot sell investment-linked products. ‘Yun ‘yung under application pa,” De Rosas noted. — VDS, GMA News