Citi's Lawrence Lam leaves firm to join Prudential HK as CEO

Prudential Hong Kong has appointed Lawrence Lam as its chief executive officer. This appointment is with effect from 25 August 2022.

Lam will be responsible for driving the growth and development of Prudential’s life and general insurance in Hong Kong. He reports to Lilian Ng, managing director of strategic business group of Prudential plc.

Prior to joining Prudential Hong Kong, Lam was the chief executive of Citi’s consumer banking business in Hong Kong. During his time with Citi, Lawrence held multiple senior leadership positions and played a critical role in building the bank’s insurance business through bancassurance partnership.

Lilian Ng, managing director of strategic business group of Prudential plc said: “Lam has a great track record of building strong, customer-focused teams that drive growth across different channels of distribution. His experience in digital transformation will be a great asset to Prudential as we continue to digitally deliver enhanced experiences for our distribution force and customers.”

Lam said: “I am deeply honoured to join Prudential. It is a company with a strong heritage, ambitious strategy and clear purpose of helping people get the most out of life. I am excited to work with my colleagues across the organisation to make Prudential an even more successful firm, building on the solid foundation laid by my predecessor.”

In Hong Kong, Prudential offers health and medical protection, financial planning services and investment-linked insurance solutions, along with a comprehensive collection of general-purpose insurance products. It has a distribution force of over 20,000 agents serving over 130 million customers, according to the release. 

Meanwhile, Prudential Hong Kong has launched the PRUChoice Furkid Care Insurance on 24 August, a brand new comprehensive protection solution designed to meet the insurance needs of 'paw-rents' and their 'furkids', one that reflects Prudential’s “We DO Family” spirit and its ongoing commitment to providing total protection for more families.

According to the Census and Statistics Department , approximately 10% of domestic households in Hong Kong keep cats or dogs, with more than 400,000 furkids in total. Under the work-from-home and social distancing practices adopted during the pandemic, Hong Kong pet owners spent more time with their furkids.

As such, Prudential is now extending its protection to family pets, or furkids. Its new product offers four key benefits: the market unique emergency pet-sitting care, third party legal liability, medical expenses and funeral expenses. In addition, it includes “first-in-market” customised policy documents and privileged offers.

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