Prudential buys Thanachart insurance arm

Prudential, Britain's biggest insurer by market value, plans to buy the life insurance business of Thanachart Bank in Thailand for £368 million (HK$4.5 billion).

The deal is part of Asia's insurance industry consolidation, highlighted by Richard Li Tzar-kai's purchase of ING's insurance business in Hong Kong, Macau and Thailand last month.

"It has been a very active year for the industry," said Barry Stowe, the chief executive of Prudential Asia. "You can understand why people would be interested in buying with the market outlook being so positive."

via Business feed http://www.scmp.com/business/companies/article/1075781/prudential-buys-thanachart-insurance-arm