Archive for March 3rd, 2010

British Prudential became the largest insurer in Asia

Wednesday, March 3rd, 2010

PrudentialThe British insurance group Prudential said on Monday the purchase of 35.5 billion dollars of AIA - Asian division of the U.S. AIG. The deal will allow the company to become an international leader in the life insurance market in Asia, the region in which the sector marked the largest growth. The U.S. insurer, 80% of which were nationalized after the U.S. authorities relaxed its 170 billion dollars in the wake of financial crisis, thus tackling the issue with its subsidiary AIA, which was preparing to leaf spring on the stock exchange in Hong Kong. The listing was provided after refusing to sell the company in early 2009 because of insufficient amount proposed. $ 25 billion from the current transaction will be paid in cash and 10.5 billion dollars - in shares, while AIG will become a shareholder with 11% in the new company. Received group will have 30 million customers in Asia and the largest player in the life insurance market in Hong Kong, Singapore, Malaysia, Indonesia, Vietnam, Thailand and the Philippines. The company will also be the largest foreign life-insurer in China and India. Headquarters of the new company will be in London but in the near future provides leaves in Honkog.
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