This Chinese Insurance Wants To Acquire Prudential Asia Business

Insurance company from China, Ping An Insurance Group plans to buy Prudential Plc business in the Asian region. This was obtained from a source quoted by Reuters.

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Based on news reported by Reuters, Ping An was said to be communicating with the Government of China to request the approval of the acquisition and with banks about the potential funding from banks.

Ping An is a Chinese conglomerate that has subsidiaries in insurance, banking and financial services. The company was formed in 1988 and based in Shenzhen.

Ping An is one of the 50 largest insurance companies in Shanghai. Ping An also has the largest premium income in the world with a value of US $ 219 billion in January 2018 and assets reached US $ 848.5 billion in 2016.

Until the first semester of 2018, Prudential Asia recorded a net profit of 1.02 billion pounds, an increase of 14% over the same period the previous year. Prudential is rumored to want to spin-off operations in the UK from markets that are growing faster than elsewhere.

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