Greater Bay Area: Prudential opens first branch in Macau, joining HSBC Life, Manulife in battle for mainland customers

Prudential is the 13th life insurance company licensed to operate in Macau, competing against AIA, AXA, FWD, HSBC Life, Manulife and others

Insurers hope to target visitors from mainland China, as the gaming hub works to diversify into a financial services centre

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Tourists outside Macau’s famed Ruínas de São Paulo. Photo: Edmond So

Published: 12:00pm, 12 Jun 2023Updated: 3:41pm, 12 Jun 2023

Prudential Hong Kong on Monday made a foray into the Macau market by setting up its first branch in the former Portuguese colony, completing its presence in all 11 cities in the Greater Bay Area.

The local arm of the British company is Hong Kong’s latest insurer to establish a foothold in Macau as it looks to take advantage of Beijing’s push to diversify the gaming hub into a financial services centre. HSBC Life, Manulife Financial, Haitong International Securities and Everbright Securities Investment Services (HK) have all expanded into Macau in recent years.

As the 13th life insurer to operate in the city, Prudential will also compete against AIA, AXA and FWD. Its new branch, located in FIT Centre near the Grand Lisboa hotel, will offer life and health insurance policies to customers through a team of local agents.

“Macau’s proximity to Hong Kong, Zhuhai and other Greater Bay Area cities makes it central in every sense to Prudential’s Greater Bay Area strategy to grow its footprint in the area,” said Lawrence Lam, CEO of Prudential Hong Kong, at the launch ceremony of the Macau branch on Monday.

Lawrence Lam (left), CEO of Prudential Hong Kong, Lillian Ng, (centre) managing director of strategic business group at Prudential, and Chris Ma, general manager of Prudential Hong Kong (Macau) branch, hosted the opening ceremony of the insurer’s Macau branch on Monday. Photo: Enoch Yiu

With Macau being home to a population of only around 680,000, most insurers have their eyes set on travellers from across the border with mainland China.