Prudential will look to Asia as a source of capital and could raise equity there after the UK-based life assurance company saw big demand for a $750m hybrid capital raising in the region this year.
Tidjane Thiam, chief executive elect, said that the Pru's presence and brand recognition in the region – its key market – meant it could have raised $4bn from the sale of tier one bonds, which are the closest kind of capital instrument to equity.
The Pru would like to diversify its shareholder base away from its heavy UK bias to reflect better the sources and diversity of its business, and Asia is potentially among the best sources of fresh capital.