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Ping An Weighs Bid For Prudential’s Asian Business

  • Prudential’s Asia business worth $51.5 billion, Panmure says
  • Prudential wouldn’t consider sale of Asia business: CEO Wells
The Ping An Insurance Group Co. logo is displayed atop the Ping An International Financial Center in Beijing.
Photographer: Qilai Shen/Bloomberg
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Ping An Insurance (Group) Co. is considering buying Prudential Plc’s Asia business, people familiar with the matter said, a deal that would reshape Asia’s booming insurance industry and mark the biggest-ever Chinese acquisition.

Ping An has sounded out the Chinese government about whether it would be supportive of a deal, according to one of the people. The Shenzhen-based insurer has also discussed potential financing options with banks, another person said, asking not to be identified discussing sensitive information.