Prudential confirmed yesterday that it plans to buy American International Assurance (AIA), the Asian life insurance arm of American International Group (AIG), at a price of US$35.5billion (S$50billion).
If the planned deal goes through, Prudential will become the largest life insurer in Singapore, Hong Kong, Malaysia, Thailand, Indonesia, the Philippines and Vietnam.
The combination of Prudential and AIA will create an entity with a combined agency size of 7,800 insurance agents and more than 3.2 million policies in Singapore.
Local insurer Great Eastern (GE) Life with just 2,700 agents and three million policies will be the closest rival.
Prudential has been on an acquisition streak of late. Back in January this year, they also bought UOB Life from UOB Group.