Prudential's Taiwan sale boosts capital

19th Jun 2009 11:17

Insurer Prudential will add about £800m to its £2bn capital surplus after completing the transfer of its agency business in Taiwan to China Life today.The UK firm received regulatory approval for the deal, announced in February, earlier this week. It has also bought a 9.99% stake in China Life for £45m."Asia continues to present the group with excellent profitable growth opportunities in the long term and Taiwan is a key market," said finance boss and CEO-elect Tidjane Thiam."We remain committed to expanding our life insurance business in Taiwan through bank distribution partnerships and the development of our asset management business in that market."Thiam will become the first black boss of a FTSE 100 company when he takes over as chief executive on 1 October when Mark Tucker steps down after four and a half years at the helm.