In Asia, Details Are Key to Insurance Bets Wall Street Journal (blog)
Investors are being asked to buy into the Asia growth story. Prudential PLC plans a $20 billion rights issue to fund its ambitious $35.5 billion offer to buy American International Groups Asian life-insurance business. The U.K. insurer bought UOB Life Assurance from Singapores United Overseas Bank in January for 428 million Singaporean dollars, or US$310 million at current rates.On the IPO front, Japans Dai-ichi Mutual Life Insurance raised $11.2 billion this month in the worlds biggest IPO since Visas $19.7 billion IPO in March 2008. Meanwhile, South Koreas biggest-ever IPO will likely be the $4.5 billion offering of Samsung Life Insurance set to list in mid-May.
Others are latching on to that growth story. Dutch financial services provider ING Groep, which has said it plans to sell its insurance business, will likely hope for buyers for its high-growth Asian arm. Still to come is a roughly $600 million IPO from midsize Seoul insurer Mirae Asset Life Insurance in the second half of the year.
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