Prudential, Britain’s largest insurer, has been fined £30 million ($45.4 million) for failing to tell the UK financial regulator about its attempted takeover of Asian rival AIA three years ago.
The Financial Services Authority (FSA) said on Wednesday the size and scale of the deal would have transformed the company’s financial position, strategy and risk profile and that a planned £14.5 billion [$21.94 billion] cash call would have been the biggest ever in the UK.
“Prudential failed to deal with the FSA in an open and cooperative manner when it was seeking to acquire AIA in early 2010, because it did not inform the FSA of the proposed acquisition until after it had been leaked to the media on 27 February 2010,” the FSA said.
Was this article valuable?
Here are more articles you may enjoy.
California Insurance Commissioner Race Has Diverse Field Amid ‘Insurance Crisis’ 
Chubb Q1 Net Income Increases 74% on Fewer Catastrophe Losses 
Four Georgia Troopers Fired in Vehicle Pursuit-Insurance Scheme 
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
