ASIANET: UK Financial Services Giant Prudential to Acquire Leading US

HONG KONG, April 25 /PRNewswire Asia-AsiaNet/ -- UK financial services giant, Prudential plc (Prudential) and Allstate, the leading publicly listed personal lines insurer in the US, announced today they have signed a sale and purchase agreement for Prudential to acquire Allstate's holdings in PT Asuransi Jiwa Allstate, Indonesia and Allstate Life Insurance Company of the Philippines. The deal is subject to the Regulatory Authorities' approval and is expected to complete in the second quarter this year. The terms of the agreement were not disclosed.

Prudential is one of the region's leading life insurers with operations in eleven countries including PT Prudential BancBali Life Assurance in Indonesia and Pru Life of UK in the Philippines. It has a clearly stated strategy of looking for high value adding opportunities to continue building scale in its chosen markets.

Dan Bardin, Prudential Corporation Asia's Managing Director, South Asia, noted: "This is a great opportunity for us as Allstate and Prudential have similar cultures with highly motivated staff and agents, innovative products and superior customer service. Combining these businesses gives us a much stronger platform to continue building top quality operations in the very important Indonesian and Philippine markets."

In commenting on the transaction, Allstate International Executive Vice President and Managing Director, Lawrence Moews continued: "We have been pleased with the growth of these two companies in Indonesia and the Philippines supported by their entrepreneurial distribution channels and enthusiastic staff. However, after a review of our overall business strategy, we have decided to focus resources on our core domestic growth initiatives. We are confident Prudential's excellent track record and experience in Asia will take these operations to the next level of their development."

Mark Tucker, Chief Executive of Prudential Corporation Asia added, "Prudential is a great believer in the tremendous potential of the Asian retail financial services markets. These acquisitions are another sign of our strong financial position and ongoing commitment to Indonesia and the Philippines."

About Prudential

Prudential was first established in London in 1848 and has been in Asia since 1923 where it is currently the UK's largest life insurance company. Prudential Singapore was recently awarded the title " Asia's Life Insurance Company of the Year" at the Asia Insurance Industry Awards 2000.

Prudential is one of the UK's leading life insurers and has over US$240 billion of funds under management worldwide. M&G, one of the UK's largest mutual fund managers and Scottish Amicable, a product provider for the independent financial advisors market, are part of the Group. Prudential is also the majority shareholder of Egg, the UK's leading e-commerce retail financial services provider. Internationally, in addition to Prudential Asia, the Group also owns Jackson National Life in the USA, and is building a new European business.

About Allstate

The Allstate Corporation (NYSE: ALL) is the United States' largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate(R)" slogan, Allstate provides insurance products to more than 14 million households and has approximately 13,000 exclusive agents in the U.S. and Canada.

Allstate Financial Group includes the businesses that provide life insurance, retirement and investment products.

All Prudential corporate news releases can be accessed at Prudential's web site: http://www.Prudential.co.uk. All Allstate corporate news releases can be accessed at Allstate's web site: http://www.Allstate.com.

SOURCE Prudential Corporation Asia Ltd and Allstate Corporation

/CONTACT: Dan Bardin, Managing Director, South Asia, Prudential Corporation Asia, +852-2918-6300, or Michael Trevino of Allstate, +1-847-402-5600/

/Web Site: http://www.Prudential.co.uk

http://www.Allstate.com/

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