British life assurance group Prudential said today that it has bought Orico Life from Japanese giant Orient Corp for £133 million.
The purchase would enable Prudential, the second largest life insurer in the UK, to make a full entry into the lucrative life assurance market in Japan. More 90% of Japanese households, in a country where the proporation of elderly people is rapidly rising, have life insurance policies.
Orient Corp currently owns the biggest stake (72.22%) in the life insurance unit, which is based in Tokyo.
