Pru entering Saudi life insurance business

Thu, 07 Jun 2007

The UK life insurance company Prudential PLC, who have insurance interests in a number of fields and countries, have agreed to take on a 39 per cent stake in a life insurance joint venture with the Saudi Arabian Bank Aljazira. The move will expand the life insurance business Takaful Ta’awuni.

The agreement would put Prudential into the frame as the largest individual shareholder, before the company is listed in the Saudi Arabia Stock Exchange . The value of the deal, and how much Pru have to pay, depends on how valuable the flotation is.

A number of large life insurance companies have recently purchased insurance interests in companies such as India and China, as life insurance begins to take off throughout the world.
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