Prudential on the hunt for buys in Asia

October 9 2018 by InsuranceAsia News Staff

UK insurance giant Prudential is looking at acquiring insurers in Asia and making more bancassurance deals in the region to boost its growth.

The British life insurer is attempting to double its Asian business size every five to seven years by increasing sales in markets including China, Hong Kong, India and Malaysia.

In an interview with Reuters, Prudential’s Asia chief executive Nic Nicandrou said that the insurer is keen on increasing distribution in markets including Indonesia and Vietnam.

The company is de-merging M&G Prudential, its UK and Europe life insurance and asset management business, into a separate business with a London listing.

The remaining Prudential business will focus on Asia and the US. Meanwhile Nicandrou said the firm had not received any offers to purchase the firm despite interest from Ping An.

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