Barry Stowe, Chief Executive of Prudential Corporation Asia, plans to spend the rest of his career in Hong Kong

Barry Stowe, the newly appointed Chief Executive of Prudential Corporation Asia who started his career as an insurance sales agent in 1980, says he sleeps very well at night, thank you, despite the many stiff challenges he faces in the highly competitive insurance industry. There isn't a more exciting place to be than Asia in general, and Hong Kong in particular, he enthused, with so many growth opportunities in the region.

'I was born in Nashville, US but have always been intrigued by the idea of living and working abroad. When I was working for AIG in New York in the 90s, my boss Evan Greenberg promised he'd give me the opportunity and was true to his word.  In 1998, he sent me to Hong Kong, and ultimately I was appointed President, Accident & Health Worldwide for AIG Life Companies.

In that role I was fortunate to travel frequently to many of the world's great cities - New York, London, Paris. But in my view, Hong Kong is the ultimate expatriate assignment - it is professionally interesting, culturally diverse, the perfect juxtaposition of East and West and one of the freest markets in the world. It is just a wonderful place by any measure.

I have been in Hong Kong for eight years now.  Obviously, the economy is more vibrant now than when I arrived. The Asian financial crisis thankfully did not stop the growth of our industry in general, and Prudential in particular. 

Strong partnerships

Prudential has been in Hong Kong for 43 years; it is a leading brand with significant focus on Asia. About 10 years ago, our regional infrastructure was set up to drive expansion. I am glad to say that Prudential's insurance business now has market leading positions in many markets in the region and our Asset Management business is the second largest retail funds manager in Asia ex-Japan, in terms of Asia-sourced funds. Our results speak for themselves and we are getting bigger and better each year. 

In Hong Kong specifically, Prudential has a terrific partnership with Standard Chartered Bank and a sales force of over 4,000 agents in Hong Kong. More important than the number of agents is the quality of what they do. Independent research indicates that consumers throughout Asia view our agents as highly professional and customer focused.

Insurance may not be an especially "sexy" business but I think people don't fully understand what we do. I started my career as an agent in Nashville in 1980 and I can tell you what agents do every day is very hard work, but it is absolutely invaluable. Good agents force us to face problems and solve them, to provide security against the unthinkable. They create wealth for their clients, their families, their communities.

I have enormous respect for professional agents. So the life insurance is actually a very fulfilling profession.

Dynamic market

Our customers in Hong Kong are among the most sophisticated consumers in the world - they certainly keep our organisation on its toes. Increasingly, sophisticated consumers drive us to produce more innovative products and services. It's a very positive dynamic.

If I had to live my life all over again, I would do the exact same thing - pursue the same liberal arts degree in politics and work in the insurance industry. And I would still want to live and work in Hong Kong, where I expect to spend the rest of my career.

I am from the American South and so is my wife but we have always liked the buzz and dynamism of big cities. We have lived in New York prior to moving to Asia, and in my view Hong Kong offers all that New York has but with some unique advantages.  Hong Kong is one of the safest cities in the world, and a marvellous place to raise children. Our children love Hong Kong - our youngest child was born here - and we're all grateful for the opportunity to live here.

Lifestyle edge

Of course, living in Hong Kong also gives my wife and me the opportunity to indulge our passion for Chinese antiques, mostly ceramics. We have about 60-70 pieces from Neolithic pieces to Qing dynasty. Some are in our home, some in the office, others in our home in the US and the rest in a warehouse in the New Territories. I can't stop collecting, I'm afraid it's a compulsion. I also collect books, mostly American first editions by Southern writers. I love the Nobel Prize-winning writer William Faulkner, as well as Eudora Welty and Robert Penn Warren. I also have a fair number of art and history volumes...and lots of biographies.

People sometimes marvel at how little time we spend away from Hong Kong aside from the long summers in the US. We spend Christmas here every year as it is a season for home and family and Hong Kong is home.’

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Prudential Corporation Asia