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Posts Tagged ‘Prudential’

15 candidates win Prudential essay contest in Mekong Delta

In Uncategorized on December 16, 2010 at 9:38 am

The examiner board of the “Prudential – Good Essay, Good Writing” contest has chosen 15 best candidates to award prizes — one first prize, two second prizes, two third prizes and 10 consolation prizes.

Secondary school students take part in the “Prudential-Good Essay, Good Writing’ contest 2010 in HCM City.

The final round of the contest was held in Mekong Delta province of Soc Trang on December 4 with participation of 39 candidates from the delta’s 13 provinces.

The final round was held by Sai Gon Giai Phong Newspaper, the provincial Department of Education and Training, and Soc Trang Newspaper.

The topic of the competition reflects the socio-cultural and economic development of the country, the thinking of teenagers and their passion for literature and good handwriting.

According to 13 examiners, this year’s exam question was relatively hard but it required candidates to bring into play their creativeness and use real knowledge to complete the examination.

Many candidates showed their thoughts and strange solutions in the examination, said an examiner.

The award ceremony for the essay contest will be held at Soc Trang Province’s political school on December 5.

On the occasion, SGGP and life insurer Prudential Vietnam will offer 10 scholarships, worth VND1 million each, to poor students in the province.

Source: SGGP

Prudential Vietnam starts voluntary campaign

In Uncategorized on October 18, 2010 at 2:25 pm

Prudential Vietnam starts voluntary campaign

QĐND – Monday, October 18, 2010, 21:18 (GMT+7)

Prudential Vietnam Life Insurance Company, on October 17th, launched the Voluntary Campaign 2010 between October and November at 19 provinces and cities nationwide.

The campaign, “Live Green-Live Healthy”, will start off in Hanoi with a series of social activities for the community and environment.

After the launching ceremony, Prudential Vietnam provided free medicines and medical examinations for 60 blind people and those facing adversity in Hanoi’s Hoai Duc District.

The activity is part of Prudential Vietnam’s action program for the community in Hanoi. Accordingly, nearly 1,000 children and poor, handicapped and solitary old people in Hanoi’s districts will receive scholarships, free medicines and medical examinations, worth around VND100 million.

Source: HNM

Translated by Vu Hung

Source: QDND

Prudential chairman says no heads will roll over AIA

In Uncategorized on June 4, 2010 at 10:15 am

LONDON, June 4, 2010 (AFP) – Prudential chairman Harvey McGrath said in an interview on Friday that no heads would roll at the British insurer after it abandoned an ambitious takeover of AIG’s Asian unit AIA.

“The board is completely behind the management team. No one has offered to resign and no one has been asked to resign,” McGrath told the Financial Times.

The aborted takeover had been masterminded by Prudential chief executive Tidjane Thiam and many commentators said his career had been badly tarnished.

“There are a couple of shareholders calling for change, but they are outliers. The vast majority of our biggest investors are saying they don’t want to see change at the top,” McGrath added.

“They are supportive of management and of Tidjane, who they have seen as (chief financial officer) help to drive the performance of the group.”

Prudential’s decision on Wednesday to abandon the takeover came after AIG refused to cut the price tag from 35.5 billion dollars (29 billion euros) to nearer 30 billion dollars.

McGrath said the top team at Prudential was “quite devastated” when it heard AIG had rejected the renegotiated price. “But we were not worried at all about our positions,” he said.

Thiam, who became chief executive in October 2009, was formerly Prudential’s financial chief.

He told the Financial Times: “It is a clever thing to try and connect my inability to seal a 35-billion-dollar deal with my broad ability to run a company, but it is a fallacy.

“To say I’m inexperienced in running a 35-billion-dollar transaction, that’s true. Not many have experience of running a 35-billion-dollar transaction.”

The collapsed AIA deal cost Prudential around 450 million pounds (540 million euros, 660 million dollars).

McGrath said: “This was an ‘in-strategy’ transaction and was an acceleration of the focus on growing the business in Asia.

“Just because this transaction … did not work — or failed if you want to say that — it doesn’t mean that the underlying strategy has a problem.

“The board understand that and are behind the strategy and were behind the transaction.”

Despite the collapse of the AIA deal, Thiam had stressed earlier this week that Prudential would maintain a strong focus on growing its business in Asia.

He also said the group’s existing Asian business had helped it deliver a “record performance” in the first quarter of 2010.

The acquisition of AIA would have doubled the size of Prudential and transformed it into the world’s top non-Chinese insurer by market capitalisation, ahead of major competitors Allianz and AXA.

Sales in Asia make up half of Prudential’s new contracts across a number of countries including China, India, Indonesia, Malaysia and Thailand. The company also has a strong presence in Britain and the United States.

Source: SGGP

Prudential scraps $35.5 bln bid for Asian insurer AIA

In Uncategorized on June 3, 2010 at 2:09 am

British insurance giant Prudential ditched its audacious deal to buy AIG’s Asian unit AIA. AFP file

LONDON (AFP) – British insurance giant Prudential ditched its audacious deal to buy AIG’s Asian unit AIA on Wednesday, ending a bid to become the world’s top non-Chinese insurer, after AIG refused to cut the price.

The failed takeover, worth 35.5 billion dollars (29 billion euros), was masterminded by Prudential’s high-profile Chief Executive Tidjane Thiam, whose glittering career now looks tarnished, according to media.

“Prudential plc announces that it is in negotiations with American International Group, Inc. (AIG) for the termination of the agreement for the combination of Prudential with AIA,” the London-based firm said in a statement.

The deal collapsed one day after AIG rejected a request by Prudential to cut the price to 30 billion dollars, following a shareholder revolt over the high cost.

Prudential had unveiled the record takeover in March, declaring it a transformational deal which would make it the world’s top non-Chinese insurer by market capitalisation, ahead of competitors Allianz and AXA.

The mega-deal would have been the biggest-ever takeover in the global insurance sector.

In reaction to news of the failure, Prudential’s share price sank 2.61 percent to 560.5 pence in early morning trading here on Wednesday, while the FTSE 100 index on which the group is listed was down 1.16 percent.

However, the stock had soared by 6.3 percent on Tuesday as investors had welcomed AIG’s refusal to budge on the price.

“Unfortunately, it has not been possible to reach agreement so we feel it is in the best interest of our shareholders not to pursue this opportunity,” Prudential chairman Harvey McGrath said in the statement.

“We are therefore withdrawing from the transaction.”

The British firm said it would now pay AIG a break fee of more than 152 million pounds (224 million dollars, 183 million euros), plus legal fees of 81 million pounds.

Prudential boss Thiam, born in the Ivory Coast, but with French nationality, took a huge gamble by making the ambitious bid for AIA only six months into his job at the helm of the British group.

Thiam, who aimed to transform the 162-year-old British company into an international insurance powerhouse, added on Wednesday that the deal had required renegotiation because of turbulent financial markets.

“We entered into this potential transaction from a position of strength in Asia and we view the region as offering excellent growth opportunities for Prudential,” Thiam said.

“We agreed with shareholders that a renegotiation of the terms was necessary given market movements but it has not proved possible to reach agreement.”

He also stressed that Prudential would keep a strong focus on growing its business in Asia.

“Our existing business in Asia has delivered another record performance in the first quarter of this year and we will continue to focus on generating sustainable shareholder value across our portfolio,” added Thiam.

But the Financial Times said on Wednesday that some investors were calling for Thiam’s head after his failure to renegotiate the deal.

“It will be an early agenda item — who will be the new CEO,” one major unnamed investor told the paper.

The Daily Telegraph reported that AIG had turned its back on Prudential and was instead pursuing other options.

Quoting sources, the paper said AIG was exploring talks with sovereign wealth funds, including Singapore-controlled GIC and Temasek, and Qatar Holdings, which could become “cornerstone investors” in AIA ahead of reviving plans for an initial public offering in Hong Kong.

The Telegraph said the implosion of the deal had made Prudential a bid target itself.

Prudential’s newly listed shares in Hong Kong and Singapore fell on Wednesday.

Investors marked down the insurer’s Hong Kong share price by 0.47 percent to 63.20 Hong Kong dollars (8.10 US dollars), while the stock was down 10 cents, or 1.20 percent, to 8.22 US dollars in Singapore.

Wooing investors, Prudential last week took out secondary listings in Hong Kong and Singapore ahead of a 21-billion-US-dollar rights issue to help fund the deal.

Despite the share price falls, one Hong Kong-based analyst suggested there might well be relief that the deal had fallen through.

“AIA is three times bigger than Prudential — it’s too big for Prudential to swallow,” Fulbright Securities general manager Francis Lun told AFP.

Thiam was appointed Prudential boss in March 2009, becoming the first black chief executive of a company listed on London’s benchmark FTSE 100 index.

Thiam, who began his role in October 2009, was formerly Prudential’s financial chief.

Source: SGGP

Prudential Vietnam grants scholarships to disadvantage students

In Uncategorized on May 21, 2010 at 9:13 am

Prudential Vietnam Life Insurance Co.Ltd offered 22 scholarships worth VND22 million (US$1,200) for students with special needs at the University of Social Science and Humanities on May 20, in Ho Chi Minh City.

This is the fourth time Prudential Vietnam has presented scholarships to disadvantage students of the university, beginning in the 2006-2007 school year.

22 students with special needs have received scholarships each worth VND1 million ($53).

The scholarship award ceremony was held at HCMC – University of Social Science and Humanities’ meeting-hall, attended by PhD. Nguyen Khac Canh, deputy director of the HCMC – University of Social Science and Humanities and Prudential Vietnam Life Insurance’s representative Nguyen Quang Hue.

Source: SGGP

Prudential launches record cash call to buy Asian insurer

In Uncategorized on May 17, 2010 at 9:01 am

LONDON, May 17, 2010 (AFP) – British insurance giant Prudential said Monday it will raise 14.5 billion pounds (17 billion euros, 21 billion dollars) from the sale of new shares to help fund a record takeover of Asian insurer AIA.

“Prudential today announces further details of the proposed combination of the Prudential Group and the AIA Group, including the terms of its fully underwritten rights issue to raise approximately 14.5 billion pounds,” a statement said.

The British group had delayed by almost two weeks details of the record rights issue needed to fund the insurance sector’s biggest ever takeover, as regulators voiced concerns about the enlarged company’s capital strength.

Prudential announced in March that it had agreed to buy AIA — the Asian arm of troubled US insurer AIG — for 35.5 billion dollars (29 billion euros).

It expects to complete the takeover in the third quarter of 2010 while reports suggest Prudential may have to sell its British operations to fund the rest of the deal.

“We are creating the leading life insurer in the fastest growing region in the world, giving us greater exposure to the highly attractive long-term growth offered in Asia,” Prudential chairman Harvey McGrath said Monday.

“We believe this opportunity will deliver substantial long-term value for our shareholders.”

The takeover will give Prudential about 30 million customers in Asia and see the Asian operation become by far the group’s biggest division — contributing some 60 percent of new business profit.

Regarding the rights issue, Prudential said it was offering almost 14 billion new shares, each priced at 104 pence. According to analytical group Dealogic, the rights issue is the biggest ever launched to fund a takeover.

Current Prudential investors will be offered 11 new shares for every two shares they own. The sale price represents an 80.8-percent discount to the insurer’s closing price of 542.5 pence on Friday.

Prudential’s share price dropped 2.67 percent to 528.5 pence at the start of London trade.

The AIA deal and the rights issue need 75-percent backing at a shareholders’ meeting due on June 7.

“The combined business will be a fast growing and highly profitable company, with a leading position in many of the most attractive markets in the world,” Prudential chief executive Tidjane Thiam insisted on Monday.

“We believe that, through capital management and portfolio rationalisation, there will be opportunities for the combined entity to create additional shareholder value over and beyond the revenue and cost synergies identified,” added the Frenchman who put together the mega-deal.

Reports have suggested however that some of Prudential’s biggest shareholders are opposed to the tie-up.

The rights issue is meanwhile set to raise about 13.8 billion pounds net of fees and transaction-related expenses, while it is being fully-underwritten by Credit Suisse, HSBC, J.P. Morgan Cazenove plus by a syndicate.

These groups will take up any shares not bought by existing shareholders.

Alongside the rights issue, London-listed Prudential has said it plans to begin trading existing shares in Hong Kong and Singapore on May 25.

The listings are seen as a move to garner support from regional investors for the rights issue.

The Hong Kong and Singapore listings will be done by way of introduction, which means adding trading venues without issuing new shares.

The acquisition of AIA will double the size of Prudential and transform it into the world’s top non-Chinese insurer by market capitalisation, ahead of major competitors Allianz and AXA.

Sales in Asia already make up half of new contracts for Prudential across a number of countries including China, India, Indonesia, Malaysia and Thailand. The company also has a strong presence in Britain and the United States.

Source: SGGP

9th grader wins Prudential essay contest in Mekong Delta

In Vietnam Education on December 10, 2009 at 1:28 pm

Tran Thao Uyen, a 9th grade student from Tien Giang Province, has won the first prize in the “Prudential – Good Essay, Good Writing” competition for high-school students in the Mekong Delta.

The girl from Le Ngoc Han Secondary School convinced the jury with her arguments about the “importance of rice in Vietnamese people’s lives,” the topic of the contest organized by Sai Gon Giai Phong newspaper and sponsored by British insurance company Prudential.

Sai Gon Giai Phong deputy editor-in-chief Le Thanh Dai presents an award to Tran Thao Uyen on Dec. 9 (Photo: SGGP)

“To do well, the students had to combine vivid imagination with logic,” Mr.Le Thanh Dai, deputy editor-in-chief of SGGP, said at the awards ceremony held in Hau Giang Province on December 9.

The jury said most entries met two basic requirements — good essay and good handwriting – with many combining deep and subtle arguments.

“The contest encouraged students to write lucidly and foster a love for literature and the country among them” said deputy chairman of the Hau Giang People’s Committee, Trinh Quang Hung.

Le Anh Tuan of Prudential Vietnam’s Foreign Relations Department said his company is honored to sponsor a contest that raises students’ awareness of the value of literature in building a person’s personality.

Two second prizes were awarded to Duong Nhat Van Anh and Huynh Minh Nhut also of Le Ngoc Han Secondary School.

Two third places went to Nguyen Lieu Thao Nguyen of Ly Tu Trong Secondary School, Tra Vinh Province, and Nguyen Thi Thanh Thuy of Ben Tre Junior High School in Ben Tre Province.

The organizers also gave 10 encouragement prizes to Le Thi Thu Trang of Hoa Binh High School and Le Quynh Nhu of Le Quy Don Secondary School in Vinh Long; Nguyen Phuong Thanh Truc of Le Quy Don Secondary School in Kien Giang; Tran Thi Ngoc Quy of Tran Phu Secondary School in Long An; Tran Ai Phuong and Van Thi Truc Mai of Tran Huynh Secondary School in Bac Lieu; Pham Ngoc Tram of Khanh Loc Secondary School in Ca Mau; Ly Lam Nhat Truong of Phu Loc Secondary School in Soc Trang; Dinh Ngoc Bao Tran of Nga Bay Secondary School in Hau Giang, and Pham Hoang Kim Chau of Vo Truong Toan Secondary School in Dong Thap.

Source: SGGP Bookmark & Share

Senior officials of Prudential receive Friendship Medals

In Politics-Society on October 21, 2009 at 1:09 am

Senior officials of Prudential receive Friendship Medals

QĐND – Tuesday, October 20, 2009, 20:52 (GMT+7)

“During their 10 years of operations in Vietnam, Prudential Group has not only contributed to the development of the Vietnamese financial market, but also actively participated in many social support programmes in the country,” remarked Deputy Prime Minister Pham Gia Khiem.

Due to its contributions, 3 senior officials of Prudential, namely Mark Tucker, former General Director of Global Prudential; Peter Williams, former UK Ambassador to Vietnam and member of the Board of Directors of Prudential Vietnam; and Jack Howell, General Director of Prudential Vietnam, were given the State’s Friendship Medals.

This is viewed as the Vietnamese Government’s appreciation to the group for their collective and individual contribution to Vietnam’s sports.

Especially, Mark Tucker and Jack Howell were also honored for their noteworthy contributions contributing to the friendly ties and economic cooperation between Vietnam and the UK.

At present, the Prudential Fund for Vietnamese sports and education is working very effectively.

Source: baothuongmai

Translated by Thu Nguyen    

Source: QDND Bookmark & Share

Prudential Vietnam gives VND 254 mil aid to children in flood-stricken area

In Politics-Society on October 15, 2009 at 9:35 am

Prudential Vietnam gives VND 254 mil aid to children in flood-stricken area

QĐND – Wednesday, October 14, 2009, 22:10 (GMT+7)

As part of the programme “One million books, one million pens for children in the Central and the Central Highlands regions”, VND 254 million was donated through Thanh Nien Newspaper by Prudential Vietnam on Oct 13, 2009.

The programme was launched by the Communist Youth Union and Thanh Nien Newspaper to support children in flood-stricken localities of the central region and the Central Highlands.

According to Mr. Jack Howell, CEO of Prudential Vietnam, the company has launched various community-oriented programs focusing on people suffering from natural disasters.

This time, Prudential Vietnam’s staff raised VND 254 million for this purpose.

Source: Thanh Nien

Translated by Hoang Anh

Source: QDND Bookmark & Share

VNPost gives Prudential network huge boost

In Uncategorized on July 4, 2008 at 4:58 pm

Vietnam Post (VNPost) signed a contract with Prudential Vietnam Assurance (PVN) on July 3 that will enable the insurance company to use more than 3,000 post offices nationwide.

VNPost is a part of Vietnam Post and Telecommunications Group (VNPT). While the initial focus of the cooperation is on collecting premiums, the contract also deals with a range of customer services for insurers, including claims being paid at post offices.

PVN and VNPT will also cooperate in cross-distribution of products. In the first quarter of this year, VNPT launched a successful pilot post-service package for Prudential Vietnam customers.

From July 4, insurance premiums can be paid at post offices in Hanoi, Ha Tay, Ho Chi Minh City and Binh Duong – and then in other Vietnamese cities. PVN’s chief executive officer, Binayak Dutta, said there were also plans to co-operate in customer information updates product crossdistribution.

The cooperative move has already proved a success in the West.-