Business

Thursday May 14, 2009

HLA group MD tipped to helm Prudential


PETALING JAYA: Hong Leong Assurance Bhd (HLA) group managing director (MD) and chief executive officer (CEO) Charlie E. Oropeza is tipped to become Prudential Assurance Malaysia Bhd’s (PAMB) new CEO.

It is learnt that his last day at Hong Leong Assurance will be at the end of this month.

He will head Prudential Assurance next month pending approval from Bank Negara.

According to sources, HLA’s chief operating officer (life division) Loh Guat Lan would for the time being oversee the operations of the company.

HLA has not at the moment identified any suitable candidate to replace Oropeza.

There had been talk of late that since Bill Lisle, the former CEO of PAMB, jumped ship to join Aviva Asia as its regional director, PAMB had two candidates in mind – Oropeza and AIA Bhd CEO Khor Hock Seng.

Oropeza was picked to helm PAMB due to his expertise and vast experience in regional markets, one source said. Prior to joining HLA, he was the chief executive of Prudential Life Assurance Indonesia and the CEO of Prudential Vietnam Assurance.

He started his career with Allstate Insurance Co, United States in 1981.

A graduate of La Salle University and University of New Haven in the United States, Oropeza has more than 25 years of experience in international life and general insurance, mutual funds and consumer finance.

He assumed the position of group MD and CEO of HLA on July 10, 2007.

In view of liberalisation and growing competition in the financial services industry, many insurers are roping in experienced CEOs and other senior executives.

PAMB posted new business annual premium equivalent (NBAPE) (with life insurance sales and takaful contributions combined) of RM659mil for the financial year ended Dec 31, 2008, a 9% increase from 2007.

NBAPE consists of regular premium sales plus one-tenth of single premium insurance sales.


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