FONT-SIZE Plus   Neg

Prudential To Sell Closed Book Life Insurance Business In Japan To SBI Holdings

UK insurer Prudential Plc. (PRU.L) announced that, through its subsidiary Prudential Holdings Limited, has reached an agreement with SBI Holdings Inc. to sell its closed book life insurance business in Japan, PCA Life Insurance Co., Ltd. for US$85 million. The proposed transaction is subject to regulatory approval.

Prudential said that the proposed sale is consistent with its strategy of allocating its capital to markets where it is well positioned to generate attractive long-term returns for shareholders. PCA Life Japan ceased underwriting new business in February 2010.

Prudential said it remains committed to the Japanese market through Eastspring Investments, its Asian asset management business.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Retailers could see record web traffic this year as more consumers then ever before plan to shop online, according to Deloitte's 31st annual holiday survey of consumer spending intentions and trends. The survey found that holiday shoppers this year plan to spend just as much as online as they spend in brick and mortar stores. Oil giant Chevron Corp. on Friday reported a 37 percent decline in profit for the third quarter from last year, reflecting lower oil prices and weak refining margins. However, both revenue and earnings per share for the quarter beat analysts' estimates. In addition, the company raised its quarterly dividend. Mastercard Inc. (MA) reported a profit for the third quarter of 2016 that increased about 21 percent from the year-ago period, while it was up 15% excluding a special item related to the termination of the U.S. employee pension plan taken in last year's third quarter. Both earnings per share and revenue for the quarter beat analysts' expectations.
comments powered by Disqus
Follow RTT