(Hong Kong, 9 October 2009) The Prudential Assurance Company Limited ("Prudential Hong Kong") has announced the appointment of Mr. Derek Yung as Chief Executive Officer of its Hong Kong branch. Mr. Yung will be in charge of Prudential's insurance operations in Hong Kong, leading the executive management team to oversee a broad range of life, investment-linked, medical and general insurance products, as well as employee benefit offerings. Prudential Hong Kong has one of the largest professional agency distribution channels in the industry, with more than 4,000 financial consultants, and a bancassurance team which serves customers through its partnership with Standard Chartered Bank since 1998.Mr. Yung brings to Prudential Hong Kong more than 20 years of insurance experience with significant accomplishments in the local insurance industry. Prior to joining Prudential Hong Kong, he was Senior Vice President and General Manager of AIA's Hong Kong and Macau operations, overseeing the businesses and formulating and executing AIA's strategic plans in both territories.Mr. Yung began his career in the insurance industry in the 1980s with Manulife, and later went on to run a number of key functions within the company, including marketing services. He later joined Sun Life as director of marketing in Hong Kong, before moving on to AIA. Mr. Yung commented, "With solid financial strength, Prudential Hong Kong has achieved outstanding performance in recent years and has become the market's strongest professional agency-based life insurer. I have observed them effectively responding to the changing market environment by offering new product solutions to its customers and placing a focus on consistent returns. I am very excited about this new opportunity and I look forward to working closely with the exceptionally talented Prudential team to help Hong Kong people attain financially secure lives."A native of Hong Kong, Mr. Yung is a graduate of the University of Leeds in the UK. He is a Fellow of Life Management Institute (FLMI) and achieved various designations including Associate, Customer Service (ACS); Associate, Insurance Agency Administration (AIAA); Associate, Insurance Regulatory Compliance (AIRC), and Certified Financial Management Planner (CFMP), with the Hong Kong Institute of Bankers.Mr. Yung's appointment is subject to approval by the relevant regulators.
Special note to the editor:Prudential Hong Kong's parent company, Prudential plc (英國保誠集團), was established in the United Kingdom in 1848 and is headquartered in London. With its affiliated companies in the UK, the US and Asia, it constitutes one of the world's leading financial services groups. Prudential plc is not affiliated or related in any manner with Prudential Financial, Inc. (保德信金融集團), a company whose principal place of business is in the United States.You and your reporters are cordially reminded to clearly differentiate between the two companies in your news reporting.
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