Former Citigroup Asia head joins Prudential as wealth and insurance businesses grow
- Angel Ng will serve as Greater China boss from October as the UK and Hong Kong-based insurer eyes more growth in the region
Former Citigroup Asia head Angel Ng Yin-yee will join UK insurer Prudential as its regional boss, marking the company’s latest effort to expand its business in Asia.
Ng will join on October 1 as regional CEO for Greater China, customer and wealth, and will join the group’s executive committee, according to a statement on Monday. She will take over the role now performed by managing director Lilian Ng, who will retire at the end of this year.
Anil Wadhwani, CEO of Prudential, said Ng’s appointment is “another step towards strengthening our capabilities in alignment with the business strategy unveiled in August 2023”.
That strategy involves investing in technology and sales channels to boost the company’s insurance and wealth-management businesses to achieve 15 to 20 per cent compound annual growth in new business profit between 2022 and 2027.
Wadhwani has achieved the target, at least for last year, as new business profit surged 45 per cent to US$3.13 billion, with local sales surging thanks to mainland Chinese visitors buying insurance products in the city after the end of pandemic travel restrictions.
“Angel Ng brings with her 25 years of experience in financial services,” Wadhwani said. “Angel’s deep experience in Greater China, distribution, customer and wealth management, combined with her entrepreneurial mindset, make her the ideal candidate to lead the Greater China markets, in addition to spearheading the group-wide customer pillar and wealth enabler.”
Ng left US-based Citigroup in April after 26 years. Her last role was cluster and banking head for Asia North and Australia, a role which covered mainland China, Hong Kong, Taiwan, Korea, Australia and New Zealand.
