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Prudential Plans £15 bn Asia Deal

Prudential Plans £15 bn Asia Deal

Man walking past a Prudential sign

Prudential looks set to buy one of Asia’s biggest insurance firms in a £15bn deal, the BBC understands.

The UK insurance giant is believed to be in advanced talks to takeover AIA, the Asian arm of US company AIG.

Prudential has refused to confirm the huge deal, but the company is expected to issue a statement to the market next week.

BBC correspondent Joe Lynam said the move looks like an attempt to tap into the Indian and Chinese markets.

“This is a play for the middle classes of India and China as they grow in wealth and numbers in the coming years. The sums involved range up to $25bn, which could make it the biggest overseas purchase by a UK firm,” he added.

AIA is regarded as a crucial part of AIG with about 20 million customers, or close to a third of AIG’s total customer base.

AIG was bailed out by the US government in 2008 and is now 80% owned by it. In total, the firm has received $182.5bn of government funding.




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