Prudential to take over 200,000 policies in Vietnam from AIA

Prudential Vietnam will take over more than 200,000 policies, 12,000 agents, and 25 branches and transaction offices of AIA in Vietnam after Prudential plc has struck a deal with American International Group Inc. (AIG) on terms for the combination of Prudential and AIA Group Limited (AIA).

As of on Tuesday evening, AIA Vietnam had yet released any information on the issue but a representative of the company said all rights of AIA customers in Vietnam would stay unchanged after the transaction.Vị trí đặt quảng cáo

According to the Association of Vietnam Insurers, Prudential Vietnam is holding the biggest life insurance market share in terms of premiums with nearly 40%, and also leads the market with 1.67 million policies, and over 33,300 agents across the country.

Prudential said in a statement that AIG had agreed to the terms of the transaction and had decided not to pursue the initial public offering of AIA on the Hong Kong Stock Exchange.

With the transaction worth US$35.5 billion, Prudential will acquire AIA, merging through an arrangement scheme after discussion with shareholders. The new company will assume the name Prudential plc, be headquartered and incorporated in the UK, and traded on the main market of the London Stock Exchange.

Tags: AIA Vietnam, Prudential, Vietnam insurance, Vietnam insurance industry, Vietnam insurance markets

Posted by VBN on Mar 4 2010. Filed under Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry