With a strong and strategic focus on Asia, UK-based multinational insurer Prudential Group is pursuing double-digit annual growth in Thailand through 2027. Its local unit, Prudential Thailand, plans to achieve this target in part by expanding services tailored to high-net-worth (HNW) individuals, according to chief executive Bundit (Kenny) Jiamanukoonkit.
The number of HNW individuals in Thailand is projected to increase by 24%—from 100,000 at present to 124,000 over the next five years. According to the UBS Global Wealth Report 2024, the total asset value of Thailand’s wealth management sector is expected to reach US$1 trillion by 2028. Globally and in Thailand, the industry is growing at an average rate of 6% per year.
“There is strong demand for legacy transfer solutions in Thailand,” said Mr Bundit. “However, the market lacks insurance products that ensure a smooth generational transition. As a result, many Thai HNW individuals spend tens of billions of baht abroad—particularly in Hong Kong and Singapore—to access such services.”
In response to this opportunity, Prudential Thailand last year launched PRULegacy, a legacy planning service designed to meet the needs of wealthy clients. The service is offered in partnership with three banks—UOB Thailand, TMBThanachart Bank (TTB) and CIMB Thai Bank—as well as through Prudential’s agency network.
Customers paying annual insurance premiums of 1 million baht under PRULegacy, and 10 million baht under PRULegacy+, receive exclusive privileges. These include will-drafting services and tax consulting provided by the law firm Chandler MHM Limited.
“PRULegacy is specifically designed for HNW clients,” Mr Bundit explained. “It focuses on financial planning, tax optimisation, and effective asset transfer instruments to secure the financial future of the next generation.”
Of Prudential Thailand’s 1.6 million policyholders, 7,700 are classified as HNW individuals. The company aims to grow that number to 10,000 by the end of 2025.
Prudential Life Assurance (Thailand) has operated in the country for over 30 years and is considered one of the standout markets within the Prudential Group. In 2024, it reported total premiums of 37.77 billion baht, up 9% from 34.69 billion baht the previous year. Annual Premium Equivalent (APE) for first-year premiums reached nearly 10.88 billion baht, up 27% from 8.56 billion baht in 2023. Assets under management stood at 213 billion baht as of Sept 30, 2024.
Currently, 90% of Prudential Thailand’s total premiums are generated through bancassurance, with the remainder from agents, telesales, and digital channels. However, Mr Bundit said the company plans to significantly scale up its agency channel, increasing the number of agents tenfold within five years—from the current 1,200 to a network comparable to Prudential affiliates in Hong Kong, China, Singapore, Indonesia, Malaysia and the Philippines.
“We’ve traditionally focused on bank insurance,” he said. “But to accelerate growth, we must strengthen our agency force to match leading Prudential markets in the region.”
Mr Bundit noted that inheritance planning remains underdeveloped in Thailand. Currently, only 13% of Thais have prepared a will, compared to a global average of 30–40% and 46% in the United States.
“Many Thais believe inheritance planning is only relevant for the ultra-wealthy. But without a clear plan, families face disputes, tax burdens, and the potential loss of assets that should be passed on.”
He added that life insurance can play a pivotal role in enabling swift, tax-efficient asset transfer and streamlining the inheritance process—making it a crucial element in effective wealth transition across generations.