Prudential Hong Kong Limited has announced the appointment of Edward Dai as general manager of its Macau branch.
Dai (pictured) will take over from Chris Ma, who is retiring, and will report to Lawrence Lam, CEO of Prudential Hong Kong.
In addition to his new role, Dai will join the Prudential Hong Kong executive committee.
Dai has over 20 years of industry experience, having joined Prudential in 2013.
During his tenure, he held leadership roles within Prudential’s Group and Hong Kong offices, where he was responsible for agency strategy, recruitment, and business development. His contributions have been significant in advancing the company’s distribution strategies and boosting growth in Macau.
In 2023, Prudential plc received regulatory approval to open a Macau branch as part of its Hong Kong business.
Dai will manage the Macau branch’s operations, expand distribution channels, and focus on product development tailored to Macau customers. He is expected to continue the firm’s strategy of enhancing customer-centric initiatives and developing local talent within the region.
Lawrence Lam, Prudential Hong Kong CEO, highlighted Dai’s deep experience and track record in driving business growth.
“Edward’s demonstrated success in driving business growth and strategic insight, together with his vast experience and established leadership, makes him an excellent choice to spearhead our ongoing expansion locally,” he said.
He said that Dai will be instrumental in continuing the company’s expansion and reinforcing its commitment to the Macau community.
In a statement, Dai expressed his enthusiasm for leading the branch.
“I am delighted to have the opportunity to enhance Prudential’s growing presence in the territory and contribute to the expansion of our business across the wider Greater Bay Area,” he said, adding that a key priority would be building a strong local agency force to strengthen customer service and deliver on Prudential’s broader strategy.
The appointment follows the publication of Prudential plc’s financial results for the first half of 2024, which showed growth in key areas, including an 8% rise in new business profit, which reached $1.47 billion on a constant exchange rate basis.
The company also reported a 9% increase in adjusted operating profit, bringing it to $1.54 billion. Additionally, it raised its interim dividend by 9% to 6.84 cents per share. Its ongoing $2 billion share buyback programme has seen the repurchase of 22 million shares as of August 2024, valued at $192 million.
The insurer continues to see strong demand for savings, protection, and retirement solutions across its key markets in Asia and Africa, including Singapore, India, and Taiwan.
Looking ahead, Prudential plc expects sales momentum to carry into the second half of 2024, driven by product innovation and expanding distribution channels. The insurer is adapting to evolving regulatory and economic conditions, especially in mainland China, while continuing to focus on agency growth and digital recruitment platforms like PRUForce.
The company remains committed to its 2022-2027 strategic objectives, aiming for continued growth in new business profit and cash generation across its markets in Asia and Africa. It also plans to leverage structural growth drivers in these regions, such as increasing demand for protection and long-term savings solutions, as it seeks to meet its financial targets by 2027.
