Pru confirms interest in AIG’s Asian business
Prudential has confirmed that it is considering buying the Asian business of American International Group (AIG), the beleaguered US insurance giant.
AIG is undertaking an extensive programme of disposals, following its $85 billion bail out by the Federal Reserve in mid-September, and Prudential is keen to continue its growth in Asia, which has been a key area of expansion for the group in the past two years.
The insurer says it remains highly positive on the long-term prospects for the region, despite the global financial turmoil created by the credit crisis.
Chief executive, Mark Tucker, has promised that further updates on Prudential’s intentions over AIG’s Asian units will be forthcoming but that further clarity is needed from various parties involved, including the US Government.
The group also reported that new business receipts rose 15% in the three months to the end of September, to £2.3 billion.
Finally, Pru’s capital surplus stood at £1.2 billion at the end of September, down from £1.4 billion at the end of June but the company says the capital cushion is sufficient for it to remain resilient to deteriorating market and economic conditions.
Category: Insurance News, Prudential Insurance News
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