Prudential, Allstate sign pact

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)