Prudential Life Insurance Co of Taiwan (保德信人壽), the local unit of US-based Prudential Life Insurance Inc, said it is continuing to focus on selling protection insurance products as Taiwanese customers have insufficient coverage.
Prudential Taiwan, whose parent company is seeking to sell the unit, last week said that since 1990 it has focused on taking care of Taiwanese customers through its professional life planners, alternative channels and home office teams.
Taiwan's life insurance penetration rate stood at 17.48 percent last year, topping the world for the 12th consecutive year, according to the report by Swiss Re.
Prudential said that death benefits for personal insurance last year averaged NT$568,000 (US$19,163) per capita, which it said was inadequate, as Taiwanese prefer to buy unit-linked insurance policies.
According to Taiwan Insurance Institute data, the average insurance coverage of a new Prudential Taiwan personal insurance product policy last year reached NT$3.07 million, which is 5.4 times the average for death benefits in Taiwan, and is in line with its business orientation, it said, adding that it aims to provide customers with financial security and peace of mind.
Prudential Taiwan executive life insurance planner Eunice Chen (陳玉婷) has worked at the firm for 28 years, and has signed at least three contracts a week for 24 straight years, the insurer said.
That means Chen has been able to take care of three new families per week and has won the trust of more than 3,000 families over her tenure, Prudential Taiwan president and CEO Sean McLaughlin said.
That achievement reflects the passion, faith and determination that Chen has brought to her career, he added.
Taishin Financial Holding Co (台新金控), Union Bank of Taiwan (聯邦銀行) and state-run First Financial Holding Co (第一金控) have each bid to acquire Prudential Taiwan, local media have reported.
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