Britain’s Prudential plc will further expand its operations in Asia with the acquisition of Allstate’s majority holdings in two life insurance companies in The Philippines and Indonesia.
Allstate said it was selling its interest in Pt Asuransi Jiwa, Indonesia and Allstate Life Insurance Co. of the Philippines to Prudential as it had “decided to focus resources on our core domestic growth initiatives in the US.”
Mark Tucker, head of Pru’s Asian operations, underscored his company’s commitment to Asian growth, stating, “Prudential is a great believer in the tremendous potential of the Asian retail financial services markets. These acquisitions are another sign of our strong financial position and ongoing commitment to Indonesia and The Philippines.”
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