U.K.’s Prudential To Buy Japanese Life Insurer

The U.K. ‘s Prudential announced plans to purchase Japan’s Orico Life, a subsidiary of Orient Corp., for 23 billion yen (around $200 million).

The move will further strengthen the company’s Asian presence, and will give it an entry into Japan’s lucrative, but highly competitive, life insurance market.

Orico, a small company with 216 employees spread over 10 branches, has nonetheless been a profitable Orient subsidiary with $22 million in pretax profits and $90 million in assets.

Topics Mergers & Acquisitions Carriers