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PING AN INSURANCE GROUP OF CHINA IS PLANNING TO ACQUIRE PRUDENTIAL ASIA
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PING AN INSURANCE GROUP OF CHINA IS PLANNING TO ACQUIRE PRUDENTIAL ASIA
Prudential's business in Asia, including its asset management unit Eastspring, could be worth £40 billion ($51.5 billion).
Ping An Insurance Group (Group) Co. of China is considering a huge deal to acquire Prudential's Asia business, in what could be China's biggest merger ever.
Ping An consulted with the Chinese government on whether the government would support the sale, according to one of the sources.
With a market capitalization of $160 billion, Ping An is only trailed by American financial insurer Berkshire Hathaway Inc. in the insurance industry. The group's cash alone is larger than the market capitalization of all insurers globally, minus the world's five largest insurers.
Ping An's strategy shows that the group is now ready to turn that cash into financial firepower, combined with the expertise it has gathered through dozens of M&A deals over the past five years, to conduct a massive acquisition that could bring in more than $30 billion in annual revenue.

Shares of Prudential jumped 3.7% on the London Stock Exchange on Wednesday when news of the deal leaked, its biggest gain since March 14.

Both companies declined to comment.
Many barriers

Prudential's business in Asia, including its asset management unit Eastspring, could be worth £40 billion ($51.5 billion).
It is Ping An's largest-ever acquisition, and will likely be one of China's largest overseas mergers and acquisitions, amid growing resistance against the Chinese government. investment cash flow from China.

Growth in China's life insurance, healthcare and fintech industries "has been enough to keep Ping An busy for years," according to Bloomberg insurance analyst Steven Lam. come,” he said. “However, overseas business expansion is still a potential.”

Ping An had about $81 billion in cash and cash equivalents as of March 31 after generating $26 billion in free cash flow in the first quarter, data compiled by Bloomberg showed.

Ping An's share price has fallen 13% this year on the Hong Kong stock exchange, bringing the group's market value down to $160 billion.
Prudential had a market capitalization of £46 billion at the end of Tuesday.
Optimistic outlook on Asia

Prudential has an optimistic view of Asia and will not consider selling its business in the region, Chief Executive Officer Mike Wells said in a Bloomberg television interview on Wednesday.
First-half operating profit from Prudential's Asia business rose 14 percent to (US$1.3 billion) on an ongoing exchange rate basis, the insurer said. know last Wednesday. Asia contributed about 42% of Prudential's total operating profit during the period, up from 35% for all of last year.

Chief executive Mr. Wells is planning to sell off its UK business to focus on faster-growing markets like Asia. The insurance group with a history of 170 years of development will also the business in Africa and the Americas.

Ping An is under pressure to find new growth areas, after the Chinese government introduced measures to control financial risks, limiting the growth prospects of international insurers. family.

Ping An is ahead of its rivals in terms of its investment strategy in China's healthcare sector.
ping an insurance group of china is planning to acquire prudential asia
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