ACLEDA, the Kingdom’s largest commercial bank, and insurance giant Prudential have celebrated seven years of partnership under which Prudential life insurance products are distributed through ACLEDA bank branches across Cambodia.
To mark the occasion, Prudential hosted a gala dinner at Sofitel Phnom Penh. Top executives from ACLEDA and Prudential attended the gathering, together with senior officials from the Ministry of Economy and Finance and the National Bank of Cambodia (NBC).
In his message at the gala dinner, Dr In Channy, ACLEDA president and group managing director, said the partnership has been beneficial for both sides and their customers.
“The strong partnership of our companies has given our customers the confidence to use our products and services, the success of our customers is the success of both of our companies because we have made progress and continue to make progress together with our customers,” he stated.
“That is why we aim to further strengthen our long-term partnership,” he added.
For its part, Prudential has credited its partnership with ACLEDA as key to its successful operations in Cambodia.
It has been noted that since Prudential launched its operations in Cambodia in 2013, its partnership with ACLEDA proved critical in its successful quest to become the biggest life insurer in the Kingdom.
The partnership started seven years ago with Prudential deploying consultants to 35 ACLEDA branches.
“It’s fair to say that our partnership with ACLEDA has been at the very heart of our success in our first seven years in Cambodia and we would not be in the position we are in today without the support of Dr In Channy and his incredible team of professionals at ACLEDA,” David Nutman, CEO of Prudential (Cambodia) emphasised.
Prudential financial consultants based in ACLEDA branches represent the most successful distribution channel for the company’s products and solutions. Currently, there are Prudential consultants in 151 ACLEDA branches across Cambodia.
“One example of this success is that almost all of our sales consultants who are accredited with the Million Dollar Round Table recognition, which represents 6 percent of global life insurance professionals, are sales consultants based at ACLEDA branches in Cambodia,” Nutman noted.
Heng Bomakara, deputy director-general at the NBC, stated the partnership plays an important role in promoting financial inclusiveness, an initiative that is also being pushed by the Cambodian Government.
“On behalf of the National Bank of Cambodia and myself, I would like to congratulate all board members, ACLEDA and Prudential (Cambodia) staff for their achievements,” he said.
Last year, ACLEDA and Prudential signed a partnership that allowed Prudential policyholders to pay life insurance premiums through a special mobile app called Acleda Unity ToanChet.
Prudential (Cambodia), which is a wholly-owned subsidiary of UK-based Prudential Plc, has grown to be the largest life insurer in Cambodia. Last year, it achieved a milestone by being the first life insurer in the Kingdom to issue 200,000 policies. It currently has a presence in Phnom Penh, Siem Reap, Battambang and Kratie.
Starting as a small micro and enterprise development initiative in the early 1990s, ACLEDA has grown tremendously and is now the leading commercial bank in Cambodia with branches in neighbouring Laos and Myanmar.
ACLEDA also has the largest ATM network in Cambodia. Last month, ACLEDA announced that it will launch an initial public offering either in the first or second quarter of this year. As of August 2019, ACLEDA had $6.21 billion in total assets, $3.76 billion in total credit balance and $4.31 billion in total saving deposits with more than 2.5 million customers.