AIA denies interest in Prudential Far East assets

Asian insurance group, AIA said it has little interest in bidding for Prudential's Far East assets, scotching speculation that it was eyeing Britain's biggest insurer.

According to a Sunday Telegraph report, Mark Tucker, AIA's chief exeucutive said the Asian insurer was looking at organic growth and tactical opportunities rather than major acquisitions in an interview to the newspaper.

Responding to a question whether he was interested in a bid Tucker said the company had closed that chapter.

Earlier this month, Prudential proposed a plan for doubling Asian new business profits on mounting shareholder pressure in the wake of its bungled multi billion dollar attempt to acquire AIA this year. 

With a footprint spanning 15 markets in Asia Pacific, AIA Group Limited (AIA) is the largest, independent, listed pan-Asian life insurance group in the world.  The group boasts total assets of around $90 billion and has had a presence in the region for over  90 years.

The group caters to the savings and protection needs of individuals and businesses offering a comprehensive suite of products and services extending across life insurance, retirement planning, accident and health insurance as also wealth management solutions.