Kenny Wu, a 27-year veteran of the Chinese life insurance industry, will serve as general manager of PFL. The company is expected to begin operating in the fourth quarter of 2012.
Guo Guangchang, chairman of Fosun, said, “The life insurance industry in China is experiencing rapid growth, driven by an increasing focus on protecting the livelihoods of families around the country. We look forward to benefitting from Prudential’s deep actuarial experience, asset management expertise and 137-year history of success in the life insurance industry, as we move forward together to develop products that address the life insurance needs of this market.”
Prudential’s Vice Chairman Mark Grier said, “Fosun is one of China’s most outstanding private businesses with unrivalled experience and in-depth understanding of the market. We look forward to joining forces with Fosun to win the loyalty and respect of Chinese customers through products and services that help them protect their livelihoods.”
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $$961 billion of assets under management as of June 30, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.
About Fosun Group
Founded in 1992, Fosun Group is a classic story of success after China's reform and opening-up. On 16 July 2007, Fosun International (00656.HK), the parent company of Fosun Group was listed on the main board of the Hong Kong Stock Exchange.
In 2012, against the unfavorable external macroeconomic backdrop, Fosun continued to proactively optimize management and operations. By strengthening its development model with four growth engines of “insurance, industrial operations, investments and asset management”, Fosun continued to transform itself to an insurance-oriented investment group, with a view to effectively implementing Fosun’s investment philosophy of value investment. These efforts have been making steady inroads into establishing Fosun as “a premium investment group with a focus on China’s growth momentum”. Currently, Fosun mainly invests in sectors that would significantly benefit from the growth in domestic demand of China, such as consumption and consumption upgrade, financial services, resources and energy, and manufacturing upgrade, with a view to participating in the rapid development of China’s economy.
Fosun's investment philosophy is to maintain a strong base in China and invest in the country's growth fundamentals. It proactively taps into investment opportunities arising from China's economic transformation with focus on domestic demand as well as China's progress of urbanization and industrialization. At the same time, Fosun seeks to capitalize on structural changes in the global economy, implementing its unique investment model of "combining China's growth momentum with global resources" and reinforcing its position as a China expert with global capacity. Fosun also strictly implements its strategy of value investment and constantly creates value for the society and its shareholders. Meanwhile, Fosun also actively contributes its efforts to improve the business and natural environments of China so as to support the rejuvenation of Chinese economy and culture.
For more information, visit http://www.fosun.com.