Mercado Pago to sell Prudential's accident and life insurance in Argentina

Expands Prudential's partnership with Mercado's digital marketplace in Latin America.

BUENOS AIRES, Argentina, Oct. 12, 2022 - Expanding its insurtech product offering, Mercado Pago will begin offering Prudential Seguros of Argentina's personal accident and life insurance coverage in Argentina, providing protection to consumers not previously reached by this type of coverage.

The service provides Mercado Pago users a fully digital, simple and accessible user experience from purchase to claim management. Consumers can purchase Prudential of Argentina's life products, along with health benefits such as telemedicine, emergency dental assistance, and pharmacy discounts. Entrepreneurs and self-employed workers can also access personal accident and disability insurance as well as injury and hospitalization income in the event their injuries prevent them from working.

The offering in Argentina expands the partnership between Prudential and Mercado Pago that began in July in Brazil. Mercado Pago, a platform on Mercado Libre, the largest e-commerce ecosystem in Latin America, will offer Prudential of Argentina's products in partnership with reinsurer Swiss Re and Klimber, a digital company that specializes in using technology to create a seamless customer experience.

"As we continue to grow in Argentina, we are seeking strategic partners that allow us to offer more and better products, with the reliability of Prudential, to the greatest number of people and in ways they want to purchase them," said Mauricio Zanatta, president and CEO of Prudential Seguros of Argentina. "Partnering with Mercado Pago allows millions of users to access the protection and health products they need in an agile and simply way."

"Integrating these insurance products with our existing savings, payments and credit products round out our financial inclusion value proposition," said Carlos Cernadas, senior director of insurtech for Mercado Pago. "After launching cellphone theft and damage insurance this year, we listened to our clients and identified their concerns about protecting their families from the unexpected. And the result is the launch of life and personal accident insurance in partnership with Prudential of Argentina and Klimber."

"We are accessing a segment that, until now, has not been reached by anyone, which is the base of the pyramid," said Julian Bersano, CEO and founder of Klimber. "The creation of accessible personal insurance that works as a financial protection tool is an unprecedented innovation in the life insurance market and insurance in general."

ABOUT PRUDENTIAL

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.4 trillion in assets under management as of June 30, 2022, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

ABOUT PRUDENTIAL SEGUROS

Prudential Seguros S.A. is a company affiliated with Prudential Financial, Inc., which markets life and health insurance in Argentina. For more information, visit prudentialseguros.com.ar.

ABOUT MERCADO PAGO

Mercado Pago is the largest fintech company of Latin American origin in the region. Founded in 2003, it provides the most complete ecosystem of financial solutions for those companies, enterprises or individuals who want to manage their money in a safe, simple and comfortable way with a variety of possibilities in Argentina, Brazil, Chile, Colombia, Mexico, Peru and Uruguay. Currently, it processes more than 8 million transactions per day.

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