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Prudential Takeover Of AIA

>> Tuesday, March 2, 2010

Insurance giant Prudential announced its takeover of the AIA Group for US$35 billion ($49 billion).

The transaction, however, still needs approval from shareholders of Prudential and anti-trust regulators in countries like South Korea and Vietnam. If the deal is approved, Prudential will become one of the top non-Chinese insurers by market capitalisation.

AIA policy-holders in Singapore policies will be fully honoured and that it would be business as usual here. The Singapore operations will continue under the same brands as before.

Industry observers raised issues about bonus distribution for AIA policy holders as the bonus declared at the end of the year may be different since different companies perform differently.

Mr Tidjane Thiam, who took over as chief executive officer of Prudential five months ago, said he believes the combination of the two companies will provide 60 per cent of new business profit coming from Asia.

"This transaction is hugely exciting and a one-off opportunity to transform the Group. We believe that the combination of Prudential and AIA will create a unique life insurance business with a common set of customer-focused values and heritage," he said.

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