American International Assurance Co., won dismissal of a lawsuit by a Singapore policyholder who sought $1.95 million for breach of contract.
Singapore High Court Judge Tan Lee Meng upheld an earlier dismissal and struck out another claim by Zhu Yong Zhen who also alleged that her former lawyer colluded with the insurer against her, according to a ruling released publicly today.
Asia will account for up to 40% of the global life insurance market’s growth over the next five years, according to a McKinsey study last year. China and India will represent about 70% of that growth, the study says.
Prudential (PRU.L) has entered talks to cut its US$35.5 billion offer for AIG’s (AIG.N) Asian life insurance arm in a last-ditch bid to salvage a deal criticised by shareholders as too expensive.
The UK’s biggest insurer wants to cut the price to about US$30 billion, a reduction of 15%, said one source close to the deal, who asked not to be named.
Prudential (PRU.L) said it was trying to negotiate a cut in the US$35.5 billion ($49.7 billion) it has agreed to pay for AIG’s (AIG.N) Asian unit, AIA, amid fears its shareholders might block the deal as too expensive.
“We confirm that discussions regarding the current status of the transaction have taken place between Prudential and AIG and are continuing,” Prudential said in a statement on Friday.
Prudential (K6S.SG) is up 2% at US$7.56 but interest thin as volume anaemic at under 56,000 shares vs 489,000 yesterday, with investors mostly staying out on concerns over insurer’s dilutive rights issue, shareholder support for acquisition of AIA which will be put to vote next month, according to Dow Jones.
Asian insurer AIA’s chief executive has said he will quit if British insurance giant Prudential succeeds in a US$35.5 billion ($50 billion)-takeover of the business, the Financial Times reported today, according to AFP.
Mark Wilson has told friends and industry executives of his plans, saying the proposals to buy the Asian arm of troubled US insurer AIG would be a “disaster waiting to happen,” according to the paper.
Britain’s Prudential (PRU.L) has made progress in make-or-break talks with UK regulators over its acquisition of AIG’s (AIG.N) Asian arm, and is close to announcing a deal, sources familiar with the matter said.
Prudential was forced to abandon plans to publish details of its US$21 billion ($29 billion) rights issue this morning, says The Times of UK.
The insurer had encountered last-minute regulatory issues with the Financial Services Authority over its planned US$35.5 billion acquisition of AIA in Asia.
Prudential CEO Tidjane Thiam and his AIG counterpart Robert Benmosche are leading a series of ‘town hall’ meetings across Asia that aim to allay concerns among staff of both companies.
UK insurer Prudential is tapping sovereign wealth funds in China and Singapore to help finance its US$35.5 billion ($49.9 billion) buyout of US insurance giant AIG’s Asian arm, an FT report said today, according to Dow Jones Newsires.
The Financial Times quoted unidentified sources as saying that Prudential and its advisers were in talks with the sovereign wealth funds to support a planned US$20 billion share offer for AIA.
It said the Singapore and China sovereign wealth funds had not made a final decision but their response was positive.
