5 February 2015
Prudential completes sale of its closed book life insurance business in Japan
Prudential plc ("Prudential"), through its subsidiary Prudential Holdings Limited, confirms that it completed the sale of its closed book life insurance business in Japan, PCA Life Insurance Co., Ltd ("PCA Life Japan") to SBI Holdings, Inc ("SBI Holdings") on 5 February 2015. The transaction, which was announced on 16 July 2013, has received all appropriate regulatory approvals.
Of the agreed US$85 million cash consideration, Prudential received US$68 million on completion of the transaction, and will receive a further payment of up to US$17 million contingent upon the future performance of PCA Life Japan.
Prudential remains committed to the Japanese market through Eastspring Investments, its Asian asset management business, which is one of the largest in the region.
Enquiries:
Media |
|
Investors/Analysts |
|
Jonathan Oliver |
+44 (0)20 7548 3719 |
Raghu Hariharan |
+44 (0)20 7548 2871 |
Tom Willetts |
+44 (0)20 7548 2776 |
Richard Gradidge |
+44 (0)20 7548 3860 |
Notes to Editors:
About Prudential plc
Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for more than 166 years and has £457 billion in assets under management (as at 30 June 2014). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
About SBI Holdings, Inc.
SBI Holdings is an internet-based financial conglomerate, headquartered in Tokyo, Japan. It has a customer base of approximately 18 million people, with more than 140 subsidiaries and over 5,000 employees. Its three main businesses are financial services, asset management that primarily involves the operation of investment funds, and biotechnology-related businesses. The SBI Group companies include SBI SECURITIES, Japan's number one online securities company, SBI Sumishin Net Bank, Japan's largest internet bank in terms of deposit amount, and a variety of other financial companies.
Forward-Looking Statements
This document may contain 'forward-looking statements' with respect to certain of Prudential's plans and its goals and expectations relating to its future financial condition, performance, results, strategy and objectives. Statements that are not historical facts, including statements about Prudential's beliefs and expectations and including, without limitation, statements containing the words "may", "will", "should", "continue", "aims", "estimates", "projects", "believes", "intends", "expects", "plans", "seeks" and "anticipates", and words of similar meaning, are forward-looking statements. These statements are based on plans, estimates and projections as at the time they are made, and therefore undue reliance should not be placed on them. By their nature, all forward-looking statements involve risk and uncertainty. A number of important factors could cause Prudential's actual future financial condition or performance or other indicated results to differ materially from those indicated in any forward-looking statement. Such factors include, but are not limited to, future market conditions, including fluctuations in interest rates and exchange rates and the potential for a sustained low-interest rate environment, and the performance of financial markets generally; the policies and actions of regulatory authorities, including, for example, new government initiatives related to the financial crisis and the effect of the European Union's 'Solvency II' requirements on Prudential's capital maintenance requirements; the impact of continuing designation as a global systemically important insurer; the impact of competition, economic growth, inflation, and deflation; experience in particular with regard to mortality and morbidity trends, lapse rates and policy renewal rates; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; the impact of changes in capital, solvency standards, accounting standards or relevant regulatory frameworks, and tax and other legislation and regulations in the jurisdictions in which Prudential and its affiliates operate; and the impact of legal actions and disputes. These and other important factors may for example result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits. Further discussion of these and other important factors that could cause Prudential's actual future financial condition or performance or other indicated results to differ, possibly materially, from those anticipated in Prudential's forward-looking statements can be found under the 'Risk factors' heading in its most recent Annual Report and the 'Risk Factors' heading of Prudential's most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission, as well as under the 'Risk Factors' heading of any subsequent Prudential Half Year Financial Report. Prudential's most recent Annual Report, Form 20-F and any subsequent Half Year Financial Report are/will be available on its website at www.prudential.co.uk.
Any forward-looking statements contained in this document speak only as of the date on which they are made. Prudential expressly disclaims any obligation to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make, whether as a result of future events, new information or otherwise except as required pursuant to the UK Prospectus Rules, the UK Listing Rules, the UK Disclosure and Transparency Rules, the Hong Kong Listing Rules, the SGX-ST listing rules or other applicable laws and regulations.
