Prudential, Allstate sign pact

JAKARTA (JP): British insurance firm Prudential Plc. has signed an agreement to buy the holdings of American insurance firm Allstate in PT Asuransi Jiwa Allstate.

The deal is subject to the approval of regulatory authorities and is expected to be completed in the second quarter of this year, according to a joint statement issued by the companies.

"This is a great opportunity for both Allstate and Prudential ... as combining the business will provide a much stronger platform to continue building top quality operations in the important Indonesia and Philippine markets," Dan Bardin, the managing director South Asia of the Prudential Corporation Asia was quoted as saying.

The companies did not provide details on the amount of Allstate's holdings bought by Prudential.

Prudential has also agreed to buy Allstate's holdings in Allstate Life Insurance Company in the Philippines. (03)