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Tuesday August 31, 08:23
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Prudential plans to expand in the U.S. and China
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(by Peter Van Bruggen)
The UK No.2 insurer Prudential Plc intends to spread business in the U.S. and China, its Chief Executive Jonathan Bloomer said recently.
As for the U.S., Bloomer underlined their intention to build up their U.S. life underwriting business. The U.S. contains 2/3 of the world’s retirement assets and is a ``fragmented’’ market ripe for consolidation, he added. The company is not targeting at the acquisitions in the U.S., any of each would probably be about $1 billion, he said as Clark Manning, CEO of Prudential’s U.S. unit Jackson National Life, didn’t rule out acquisitions of $2 billion in May.
Prudential is now joining such competitors as American International Group to expand in Chinese market as 1.3 billion people have $1.35 trillion in savings. Insurance sector in China rose 27% to 388 billion yuan ($47 billion) last year with its rising demand for mortgages, car loans, insurance and investments, making insurers to expand this market. Prudential now has three licenses in China (for Suzhou, Guangzhou and Beijing) and it is likely to have the license to operate in Guangdong province of China with its population of 70 million people.
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