Prudential moves into Japan
Prudential has secured a foothold in the world’s largest life insurance market with the $A357 million purchase of Orico Life Insurance in Japan.
The UK-based financial services giant has signed a sale agreement with major Japanese consumer credit company, Orient Corporation, for the full sale of its life insurance arm, Orico Life Insurance.
The multi-distribution based life insurer was purchased for 23 billion yen (about $A357 million). It has more than 240,000 policies currently in force, with total assets at March 31 last year listed at $A1.7 billion. Its distribution arrangements with its former parent company will remain and it will continue to work with Orient in the areas of distribution and provision of wealth management products.
Chief executive of Prudential Corporation Asia, Mark Tucker, says the acquisition is a good fit with the UK company's focus in Asia and describes the Japanese insurer as having "excellent growth potential".
This brings the number of countries in Asia in which Prudential has life operations to 11. Prudential has the largest presence in the Asian life insurance market of any other UK company and was recently awarded the "Asia's Life Insurance Company of the Year" title at the Asia Insurance Industry Awards in 2000.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.