Key Developments: Prudential PLC (PUK)
33.91USD
17 Jun 2013
$0.42 (+1.25%)
$33.49
$34.19
$34.28
$33.66
83,004
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Latest Key Developments (Source: Significant Developments)
Manulife Financial Corp, HDFC Life Said To Bid For HSBC Holdings PLC's India Insurance Arm; ICICI Bank Ltd And Prudential PLC's ICICI Prudential Life To Bid For Stake-Reuters
Reuters reported that Manulife Financial Corp and the Indian affiliate of Standard Life plc are among the suitors to place first-round bids for HSBC Holdings PLC's Indian life insurance business, a stake valued at about $200 million. HSBC is selling its 26% stake in a life insurance joint venture (JV) with two Indian state-run banks, as it sheds noncore businesses globally. The winner of the auction will get immediate access to about 5,500 branches of the two state-run banks. Bancassurance is emerging as a key tool to sell insurance products across Asia as the life insurance industry matures in the region. HDFC Life, a joint venture between India's top mortgage lender Housing Development Finance Corporation Ltd (HDFC) and Standard Life Plc; Birla Sun Life, a venture between Indian conglomerate Aditya Birla Group and Canada's Sun Life; and ICICI Prudential Life, a JV between ICICI Bank Ltd and Prudential PLC, are among the bidders to submit first round bids last week. HSBC's two Indian partners in the venture, Canara Bank Ltd and Oriental Bank Of Commerce Ltd could also pare their stakes, although no final decision has been made on this. That could push the deal value to $800 million, including a bank distribution agreement, they added. Full Article
Prudential PLC Recommends Final Dividend
Prudential PLC announced that the directors recommend a final dividend of 20.79 pence per share (2011: 17.24 pence), which brings the total dividend for the year to 29.19 pence (2011: 25.19 pence), representing an increase of 15.9 per cent over 2011. The 2012 final dividend of 20.79 pence per ordinary share will be paid on May 23, 2013 in sterling to shareholders on the principal register and the Irish branch register on April 2, 2013 (Record Date), and in Hong Kong dollars to shareholders on the Hong Kong branch register at 4.30pm Hong Kong time on the Record Date (HK Shareholders). Holders of US American Depositary Receipts (US Shareholders) will be paid their dividends in US dollars on or about June 03, 2013. The final dividend will be paid on or about May 30, 2013 in Singapore dollars to shareholders with shares standing to the credit of their securities accounts with The Central Depository (Pte.) Limited (CDP) at 5.00pm Singapore time on the Record Date (SG Shareholders). Full Article
Prudential PLC To Buy Thanachart Bank Public Company Limited's Thanachart Life For $590 million-Reuters
Reuters reported that Prudential plc has agreed to buy the insurance unit of Thailand's Thanachart Bank Public Company Limited for 368 million pounds ($590 million) in cash, turning up the heat on rival AIA Group Ltd 1299. Prudential was advised by Morgan Stanley MS.N, while Citigroup C.N and Thanachart Securities jointly advised Thanachart . Full Article
Prudential PLC's Jackson National Life Completes Acquisition Of SRLC America Holding Corp From Swiss Re AG
Jackson National Life Insurance Company, an indirect wholly-owned subsidiary of Prudential PLC confirmed that it has completed the purchase of SRLC America Holding Corp (SRLC) from Swiss Re AG on September 4, 2012. The transaction, which was announced on May 31, 2012, has received all appropriate regulatory approvals. Full Article
Prudential PLC Approves Interim Dividend
Prudential PLC announced that the board has approved a 2012 interim dividend of GBP0.084 per share, which translates into an increase of 5.7%. The 2012 interim dividend will be paid on September 27, 2012. Full Article
Aia Group Ltd, Manulife, Prudential plc Among Bidders For CIMB Group Holdings Berhad And Aviva plc's Malaysia JV-Reuters
Reuters reported that Aia Group Ltd, Manulife Financial Corp and Prudential plc are among companies that have made initial bids for the life insurance joint venture of Malaysia's CIMB Group Holdings Berhad and Aviva plc in a deal estimated to be worth at least $400 million. Other bidders for the venture include AXA SA. The auction of the venture is being handled by Morgan Stanley and CIMB. Britain's Aviva is selling its 49% in the joint venture (JV), while CIMB could sell a significant portion of its 51% stake. The transaction could also result in a new bancassurance deal with CIMB. The initial bids are of a non-binding nature. Full Article
Prudential PLC to Acquire Reassure America Life Insurance Company
Prudential PLC announced that through its wholly-owned subsidiary, Jackson National Life, intend to acquire the United States-based holding company Reassure America Life Insurance Company for GBP 398 million. Full Article
Prudential PLC To Buy SRLC America For USD621 Million In Cash-DJ
Dow Jones reported that Prudential PLC agreed to buy SRLC America Holding Corp. from Swiss Re. for GBP398 million (USD621 million) in cash. Swiss Re will retain a portion of SRLC through reinsurance arrangements to be undertaken prior to the deal's completion. The deal, which is subject to regulatory approval, is expected to be completed in the third quarter of this year. SRLC is a life insurance business that is part of the U.S. division of Swiss Re's Admin Re. The primary operating subsidiary of SRLC is Reassure America Life Insurance Company, which since 1995 has completed a significant number of transactions through stock acquisitions and reinsurance arrangements and has acquired a diverse portfolio of U.S. life insurance businesses, the statement said. Full Article
STOCKS NEWS EUROPE-Prudential seen replacing H&M in STOXX Europe 50
UK insurer Prudential is seen replacing the world's second largest fashion retailer Hennes & Mauritz in the pan-European blue chip index STOXX Europe 50 at the index's next reshuffle.
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