Prudential Thailand, TMB Bank sign bancassurance venture

The insurer will provide health solutions to TMB clients for 15 years.

Prudential Life Assurance Thailand has entered into a bancassurance partnership with TMB Bank to provide health and wealth solutions to TMB’s clients for an initial 15-year term.

The agreement expands Prudential’s partnership with Thanachart Bank to TMB Bank.

The extended exclusive partnership agreement is effective 1 January 2021 and until this time the current arrangement with Thanachart Bank will continue. This requires the novation of TMB Bank’s current bancassurance distribution agreement with another insurance group, which will cost $754m (THB24.5b) paid in two installments.

Photo courtesy of Prudential Thailand website.