Prudential last Friday announced the sale of its network of Taiwan insurance agents and insurance policy liabilities to China Life Insurance, Taiwan's fourth-largest insurer, for a nominal T$1.
As part of the deal Prudential will take a 9.95 per cent stake in China Life of Taiwan – which is unrelated to the Chinese company of same name – for £45m ($65m).
The deal improves Prudential's capital position, as defined under the European Union's Insurance Group Directive – a key measure of financial strength – by £800m and boosts the assurer's ability to play an active part in the looming shake-up of the sector.
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