Prudential has recently visited Bangladesh to explore business opportunities in the country.
According to M Shefaque Ahmed, chairman of the Insurance Development and Regulatory Authority (IDRA) of Bangladesh, Prudential has expressed interest in Bangladesh and the IDRA will write to the insurer next week to ask for further talks.
Ahmed was quoted as saying that Prudential’s entry into Bangladesh will benefit the overall insurance industry of the country.
IDRA is offering a 58% controlling stake in a proposed insurance joint venture that will have a minimum paid-up capital of Tk1 billion (US$13 million).
Bangladesh currently has 32 life insurance companies, but insurance penetration remains one of the lowest in the world, with just 0.7% of gross domestic product.