Pru Life UK appoints new PHL CEO

Pru Life UK appoints new PHL CEO

PRU LIFE lnsurance Corp. of UK (Pru Life UK) has appointed Sanjay Chakrabarty as the new chief executive officer (CEO) for the Philippines, effective Feb. 1, 2024.

“Mr. Chakrabarty will succeed the current CEO, Eng Teng Wong, who is moving back to Malaysia to spend more time with family,” the life insurance company said in a statement on Thursday.

Mr. Chakrabarty has worked in the banking and insurance sectors in multiple Asian markets for 26 years.

“I’m really excited to join the winning team in one of most vibrant and fastest-growing markets in Asia. We will leverage on Prudential’s brand and market leadership position with clear priorities to deliver remarkable customer experiences, power our distribution with technology and explore growth opportunities in the health insurance business,” he said.

Mr. Chakrabarty has been with Pru Life UK since 2014, and is currently the CEO of Pru Life UK Cambodia, as well as its Cambodia-Laos-Myanmar hub.

“In these roles, he has successfully led a cross-markets team, implementing several strategic initiatives with material impact in all three markets,” Pru Life UK said.

Mr. Chakrabarty also helped reinstate the Cambodia branch to the number one position in the market.

Before moving to Cambodia in 2020, Mr. Chakrabarty served as deputy CEO and head of consumer banking at Orient Commercial Joint Stock Bank in Vietnam.

Mr. Chakrabarty was also the CEO of Vietnam Finance Co. and was chief commercial officer at Pru Life UK Vietnam.

“Sanjay will look to strengthen our strategic partnerships in one of Prudential’s key markets and cultivate an agency force that fulfills our mission of being our customers’ most trusted partner and protector,” Prudential Strategic Business Group Managing Director Solmaz Altin said.

Before joining Pru Life UK, Mr. Chakrabarty was with Citibank, India, in 1997.

“He has also worked for Citibank in Japan and Korea between 2004-2014, heading several functions spanning risk and business,” the company said.

Pru Life UK’s premium income stood at P11.88 billion in the first quarter, data from the Insurance Commission showed. Its net income was at P645.93 million during the period. — Aaron Michael C. Sy