Tag: AIA

Prudential Q3 sales exceed expectations

Prudential Q3 sales exceed expectations

British insurance giant Prudential has today announced profits grew 17% in the third quarter – driven by higher sales at its Asian and US markets. The results were better than expected and sent its shares up 0.6% in early morning trading. The insurer, which is Britain’s largest, said it has focused its attention on expanding […]

November 10, 2010 More
Prudential counts the cost of failed AIA bid

Prudential counts the cost of failed AIA bid

British insurance giant Prudential has said the cost of its failed bid for AIA, the Asian arm of US company American International Group (AIG), is £377 million before tax relief. However, it is less than originally thought. Following the collapse of the deal, Pru said it faced costs of £450 million relating to the withdrawal […]

August 12, 2010 More
Prudential has no plans for renewed AIA bid

Prudential has no plans for renewed AIA bid

British insurance giant Prudential has today said it has no plans for a renewed bid for AIA, the Asian arm of US company American International Group (AIG). The statement came after media reports today suggested that a fresh takeover deal was in the pipeline. Chad Tendler, Prudential’s Hong Kong-based spokesperson, told Reuters: “We remain highly […]

June 6, 2010 More
Prudential/AIA deal collapses

Prudential/AIA deal collapses

British insurance giant Prudential has abandoned its $35.5 billion (£24.6 billion) takeover of AIA, the Asian arm of US company American International Group (AIG). Several Prudential shareholders said they would not approve the takeover unless the Pru trimmed between $3 billion and $5 billion from the original price. Pru attempted to renegotiate the deal and […]

June 2, 2010 More
Prudential deal with AIA on verge of collapse

Prudential deal with AIA on verge of collapse

British insurance giant Prudential has failed to renegotiate the price of its takeover of AIA, the Asian arm of US company American International Group (AIG). The deal now looks set to collapse after AIA snubbed the lower price tag of $30.375 billion. It emerged last week that the Pru, which is Britain’s second largest insurer, […]

June 1, 2010 More
Prudential deal may be scrapped if price not right

Prudential deal may be scrapped if price not right

It has been reported over the weekend that insurance giant Prudential may call off the deal with AIA, the Asian arm of US company American International Group (AIG), if the price is not right. It emerged last week that Prudential, which is Britain’s second largest insurer, was renegotiating with AIA after investors were said to […]

May 30, 2010 More
Prudential in fresh AIA talks

Prudential in fresh AIA talks

Prudential, which is Britain’s second largest insurer, is in fresh talks with AIA, the Asian arm of US company American International Group (AIG). Earlier this week, it was reported that as many as 20% of Pru’s UK investors will vote against the proposed takeover and, as a result, the insurance giant said it is in […]

May 28, 2010 More
Prudential presses ahead with record £14.5bn cash call

Prudential presses ahead with record £14.5bn cash call

Prudential, which is Britain’s second largest insurer, has today outlined details of its £14.5 billion ($21 billion) rights issue, which will be used to help fund its acquisition of AIA, the Asian arm of US company American International Group (AIG). Earlier this month, fears were raised over the acquisition after the Financial Services Authority (FSA) […]

May 17, 2010 More
Prudential rights issue delayed

Prudential rights issue delayed

Prudential, which is Britain’s second largest insurer, has announced today its $21 billion (£13.8 billion) cash call will be delayed due to intervention by the Financial Services Authority (FSA). The insurance giant was due to embark on the rights issue in order to fund its acquisition of AIA, the Asian arm of US company American […]

May 5, 2010 More
Rob Devey appointed to lead Pru’s Asia integration

Rob Devey appointed to lead Pru’s Asia integration

Prudential has today announced it has appointed Rob Devey to head up its integration of AIA, the Asian arm of US company American International Group (AIG), which it acquired in a deal worth $35.5 billion (£23.3 billion) last month. Pru, which is Britain’s second largest insurer, said the deal provided it with the opportunity to […]

April 14, 2010 More
Sterling dives to 10-month low amid election fears

Sterling dives to 10-month low amid election fears

The pound plummeted to a 10-month low today over fears of a possible hung parliament in the forthcoming election. Sterling lost 1.6% and dipped below $1.50 for the first time since May 2009 – it has already lost 7% against the dollar this year. The pound also lost ground against the euro and many other […]

March 1, 2010 More
Prudential in $35.5bn deal with AIA

Prudential in $35.5bn deal with AIA

Prudential, which is Britain’s second largest insurer, has today confirmed it is to buy AIA, the Asian arm of US company American International Group (AIG), in a deal worth $35.5 billion (£23.3 billion). In a stock market statement today, Pru said the deal provided it with the opportunity to create South East Asia’s leading insurer. […]

Prudential in advanced talks with AIA

Prudential in advanced talks with AIA

Prudential, which is Britain’s second largest insurer, is understood to be in ‘advanced talks’ to acquire AIA, the Asian arm of US company American International Group (AIG). AIA is a key part of AIG with around 20 million customers and reports say the deal could cost about $30 billion (£19.6 billion). In order to finance […]