Prudential Hong Kong Limited has named Abhishek Kumar (pictured left) as chief risk officer and Grace Lee (pictured right) as general counsel.
Both executives will report to chief executive officer Lawrence Lam and will be part of the Hong Kong Executive Committee.
“Abhishek and Grace have built highly successful careers in steering risk management and compliance during a period of regulatory change in the industry,” Lam said. “Their expertise and leadership will be invaluable as we navigate an ever-changing market and regulatory landscape. Together, they will help us build a robust risk culture, ensuring sustainable business growth and continued success for our company.”
Kumar will oversee the company’s risk management framework, ensuring regulatory compliance and strengthening internal controls. In addition to reporting to Lam, he will also report to Avnish Kalra, chief risk and compliance officer at Prudential plc.
With over 20 years of experience in the insurance and financial services sectors, Kumar previously led the insurance practice at KPMG in Hong Kong and managed the actuarial practice for the Asia-Pacific region. His expertise spans financial reporting, enterprise risk management, governance, and product strategy. Throughout his career, he has worked across multiple markets, including Hong Kong, Singapore, London, and Mumbai.
Kumar is a fellow of the Institute and Faculty of Actuaries and holds an engineering degree from the Indian Institute of Technology.
“I’m delighted to join Prudential, a leading insurer with a strong team and reputation,” Kumar said. “I look forward to working with the team to cultivate a risk-aware culture and enhance our risk management practices, elevating Prudential as a trusted insurer for our customers.”
Lee, as general counsel, will oversee legal affairs and corporate governance for Prudential Hong Kong. She will also serve as company secretary and provide strategic legal guidance on regulatory and business matters.
Lee brings more than 25 years of legal experience, including two decades at Citi, where she most recently served as general counsel for Greater China, Japan, South Korea, Australia, and New Zealand. She began her legal career in Canada, focusing on corporate and financial law.
She holds a bachelor of science from the University of Toronto, a law degree from Osgoode Hall Law School, and an MBA from the Schulich School of Business.
Commenting on her new role, Lee underscored her focus on regulatory compliance and legal oversight.
“I am honoured to join Prudential, a clear leader in Hong Kong’s insurance industry,” she said. “I look forward to contributing to Prudential’s legacy of innovation and commitment to excellence, enhancing the organisation’s integrity to achieve its ambitious goals of being a trusted partner and protector.”
Kumar assumed his position on Jan. 6, while Lee took on her role on Jan. 27.
Prudential’s leadership changes come as Hong Kong’s insurance sector experiences an increase in professionals from mainland China’s finance and technology industries. As job prospects decline in the mainland, many are shifting to the city’s growing insurance industry.
According to Bloomberg, major insurers such as AIA Group Ltd and Prudential Plc have been actively hiring mainland professionals to promote insurance policies to visiting Chinese customers. With cross-border travel returning to pre-pandemic levels, demand for Hong Kong-based insurance products has increased.
