Pru chief rules out Asian flotation
Prudential’s Asian business is booming, raising the possibility that the insurer could relocate its corporate headquarters to the region at some point in the future.
However, Pru’s chief executive, Mark Tucker, has made it clear that he will not be spinning off the Asian unit, although there may be a secondary listing for the group on an Asian exchange in the long-term.
The group’s growth across Asia is impressive, with annual new business profits rising 34%, to £653 million, in 2007.
Unlike the UK, the company has a direct sales force in the region and employs around 450,000 staff.
Some Prudential shareholders estimate the business to be worth up to £16 billion and see an Asian flotation as a means of realising value.
Meanwhile, speculation that Chinese insurer, Ping An, could take a substantial stake in the Prudential continues.
It has also been rumoured that Paternoster, the pension buy-out firm could be interested in acquiring part of Pru’s UK business.
Category: Insurance News, Prudential Insurance News
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