Prudential eager for Hong Kong listing
by Gill Montia
Story link: Prudential eager for Hong Kong listing
Prudential is accelerating its plans to list on the Hong Kong Stock Exchange.
The insurer has recently agreed terms with American International Group (AIG) to acquire AIA, the Asian business of the embattled US insurance giant, for $35 billion in cash and shares.
Once the sale was agreed, AIG decided not to pursue an initial public [...]
Pru confirms £23bn acquisition of AIA
by Gill Montia
Story link: Pru confirms £23bn acquisition of AIA
Prudential has confirmed that it has agreed terms with American International Group to acquire AIA, the Asian business of the embattled US insurance giant.
Pru will pay £23 billion in cash and shares for the business, in a bid to become South East Asia’s leading insurer.
It is also planning a rights issue to help fund the [...]
Prudential to acquire AIG’s £15bn Asian business
by Gill Montia
Story link: 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 [...]
Prudential expands in Asia with UOB acquisition
by Gill Montia
Story link: Prudential expands in Asia with UOB acquisition
Prudential is to acquire UOB Life Assurance in Singapore, for £192 million.
The move forms 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 12-year agreement, Prudential’s investment, savings and protection products will be marketed through UOB’s 414 bank branches across Singapore, [...]
PruProtect launches Essentials life products
by Gill Montia
Story link: PruProtect launches Essentials life products
PruProtect is launching a new “Essentials” range comprising life only and life with serious illness cover.
The plans are being made available online only to all UK intermediaries and includes the option to upgrade to the provider’s existing PruProtect plan.
With the new products, some features (including automatic children’s cover, guaranteed insurability options and immediate cover) have [...]
Pru reports “robust” group sales
by Gill Montia
Story link: Pru reports “robust” group sales
In a trading update, Prudential has report “robust” nine month group-wide sales of just over £2 billion.
In the third quarter of 2009, retail sales came in at £699 million, up 10% on a year earlier and reflecting “powerful momentum” in US retail sales which soared 66% year-on-year.
Asian sales rose 4% in Q3 and the region [...]
Moneyfacts names best pensions providers
by Gill Montia
Story link: Moneyfacts names best pensions providers
Moneyfacts has announced the winners of its 2009 Investment Life and Pensions awards.
AEGON Scottish Equitable was acknowledged as Best Pension Service provider, with Standard Life and Scottish life gaining the category’s highly commended and commended statuses respectively.
Lloyds Banking Group’s Scottish Widows was named Best Personal Pension Provider and AJ Bell Best SIPP Provider.
Scottish Life won [...]
Pru’s chief executive UK & Europe steps down
by Gill Montia
Story link: Pru’s chief executive UK & Europe steps down
Prudential has announced that Nick Prettejohn, chief executive for the UK and Europe, is departing in September after serving three-and-a-half years on the board.
Prior to joining the life and pensions provider, Mr Prettejohn held the post of chief executive of Lloyd’s of London, having joined the Corporation of Lloyd’s in 1995 as head of strategy.
He [...]
Pru reports 5% fall in sales
by Gill Montia
Story link: Pru reports 5% fall in sales
Prudential has reported a 5% fall in sales during the first quarter of 2009, to £697 million.
However, the life and pensions provider points out that sales volumes for the first quarter of 2008 were “exceptionally strong” and that figures for the first quarter of 2009 are broadly stable when compared to the previous three months. [...]
Stress undermines the health of the nation
by Gill Montia
Story link: Stress undermines the health of the nation
Stressed Britons trying to cope with the recession are cutting down on exercise and healthy foods; so finds PruHealth in its bi-annual Vitality Index.
The insurer has revealed that the health of the nation has declined by two points since July 2008, to a rating of 59%.
Eighteen percent of people responding to the PruHealth survey admitted [...]
Women over £6k a year worse off than men in retirement
by Gill Montia
Story link: Women over £6k a year worse off than men in retirement
Prudential has revealed some shocking statistics highlighting the discrepancy between the pension incomes of men and women.
The Prudential Class of 2009 retirement survey suggests that the estimated 2.76 million women in the UK who plan to retire this year expect to receive an average pension income £6,642 behind that of their male peers.
For women, the [...]
Pru’s CEO steps down as profits rise
by Gill Montia
Story link: Pru’s CEO steps down as profits rise
Prudential has announced that the group’s pre-tax profit increased by 17% in 2008, to £3 billion.
The result includes an 8% increase in new business profit, while the company’s margin rose 1%, to 43%.
Chief executive, Mark Tucker, described the results as “a very strong absolute and relative performance in quite exceptional circumstances”, adding that the company’s [...]
Pru with-profits fund loses 19.7%
by Gill Montia
Story link: Pru with-profits fund loses 19.7%
Prudential has announced that its with-profits fund lost 19.7% of its pre-tax value during 2008, as a result of exceptional market conditions.
For individual investors up to 10% has been wiped off the value of their savings.
Annual bonus rates have been set at 3% for most with-profits bond and 2% for personal pension policies. Annual bonuses [...]
Prudential reports £1.7bn capital surplus and rising sales
by Gill Montia
Story link: Prudential reports £1.7bn capital surplus and rising sales
Prudential has described its sales performance for 2008 as “good” with overall group insurance new business up 5% in “a really challenging environment”.
Sales for the year rose to £3.024 billion, up from £2.87 billion in 2007, with increases of 7% in the US, 6% in Asia and 4% in the UK.
In addition, the life assurer’s [...]
Praise for insurers’ websites
by Gill Montia
Story link: Praise for insurers’ websites
Research from Investis, the online corporate communications specialist, suggests that insurance companies are the best corporate website communicators.
In its quarterly review of FTSE 100 companies, the firm found that the websites provided by life insurers are rich with both content and functionality.
Aviva took first place and Prudential 12th having been assessed for clear and [...]
Prudential to expand Malaysian Takaful business
by David Masters
Story link: Prudential to expand Malaysian Takaful business
Malaysian Islamic insurer Prudential BSN Takaful Bhd (PruBSN) is set to invest over $2 million (£1.4 million) to launch seven new branches.
The joint venture firm is 51% owned by Malaysian lender Bank Simpanan Nasional Bhd and 49% owned by UK-based Prudential Plc.
It plans to set up two new branches in Malaysia’s capital Kuala Lumpur, with [...]
FTSE falls as investors fearful of insurance companies
by Kay Murchie
Story link: FTSE falls as investors fearful of insurance companies
The stock market has been volatile of late due to fears of a global recession, however, today, the FTSE 100 has fallen today with well-known insurers suffering heavy falls.
The latest stock market fall slump has renewed fears about the solvency ratios of the big insurance companies, as they may be forced to sell stock into [...]
Prudential cuts final bonuses
by Gill Montia
Story link: Prudential cuts final bonuses
Prudential has announced that it is reducing final bonus rates on its with-profits policies by between 5% and 10%
The insurer says it is responding to the downturn in world markets and the continued poor investment environment.
However, Pru’s with-profits funds have been holding up relatively well during the credit crisis and some policyholders will see a [...]
Prudential considers AIG assets bid
by David Masters
Story link: Prudential considers AIG assets bid
UK-based life insurance firm Prudential is looking to take over more than just the Asian operations of American International Group (AIG), according to a report in the Financial Times.
Prudential, Britain’s second largest life insurer, last week made it clear that it would be bidding for AIG’s Asian business.
Chief Executive Mark Tucker later told the Financial [...]
Pru confirms interest in AIG’s Asian business
by Gill Montia
Story link: 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 [...]
