Prudential moves into Japan
Prudential has secured a foothold in the world’s largest life insurance market with the $A357 million purchase of Orico Life Insurance in Japan.
The UK-based financial services giant has signed a sale agreement with major Japanese consumer credit company, Orient Corporation, for the full sale of its life insurance arm, Orico Life Insurance.
The multi-distribution based life insurer was purchased for 23 billion yen (about $A357 million). It has more than 240,000 policies currently in force, with total assets at March 31 last year listed at $A1.7 billion. Its distribution arrangements with its former parent company will remain and it will continue to work with Orient in the areas of distribution and provision of wealth management products.
Chief executive of Prudential Corporation Asia, Mark Tucker, says the acquisition is a good fit with the UK company's focus in Asia and describes the Japanese insurer as having "excellent growth potential".
This brings the number of countries in Asia in which Prudential has life operations to 11. Prudential has the largest presence in the Asian life insurance market of any other UK company and was recently awarded the "Asia's Life Insurance Company of the Year" title at the Asia Insurance Industry Awards in 2000.
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