Prudential to acquire AIG’s £15bn Asian business
Prudential is looking to acquire AIA, the Asian business of embattled US insurance giant, American International Group (AIG), the BBC has reported.
Talks are understood to be at an advanced stage and a statement from Prudential on a £15 billion deal is expected in the days ahead.
The group’s ambitions in Asian markets are well known; last month it acquired Singapore-based UOB Life Assurance.
The move formed part of a long-term partnership agreement with United Overseas Bank Limited (UOB) to develop a major regional bancassurance business.
Under the terms of the agreement, Prudential’s investment, savings and protection products will be marketed through UOB’s 414 branch network across Singapore, Thailand and Indonesia.
In other Prudential news, the life and pensions provider has reported that it is applying a 3% bonus to its UK personal pension, bond and conventional with-profits policies.
The group’s with-profits fund moved away from equities into fixed- interest investments during 2009, allowing it to put on 18.7%, or £2 billion.
Category: Insurance News, Prudential Insurance News
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