Ping An eyeing Pru’s Asia businessAugust 10 2018 by InsuranceAsia News Staff
Chinese insurance giant Ping An is weighing up the possibility of acquiring Prudential’s business in Asia according to The Business Times.
Ping An Insurance has reportedly already sought the Chinese government’s initial approval on the matter.
Aside from the planned acquisition, the Shenzhen-based insurer is also in the process of discussing financing options with banks. The sources, nevertheless, stressed that such talks remain in their infancy.
It was also still unclear how the deal would be structured and Ping An has not formally approached the UK company with its plan.
Prudential has strong businesses across Asia including Hong Kong, Indonesia and Singapore; the life insurer’s first half profits in Asia climbed 14% to $1.3 billion in the first half of the year.
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The bidders include the previous owners, Blackstone, who sold the portfolio two years ago.