LONDON (Thomson Financial) - Prudential has set aside 2 bln usd to make a
major acquisition, possibly of a life assurance company, in the US within the
next few months, The Daily Telegraph reported.
Clark Manning, chief executive of the insurance giant's US arm, Jackson
National Life Insurance Company, said taking over a business would result in
"double digit" growth, while the credit crunch meant there were fewer
competitive bidders in the market, the newspaper said.
"We will probably look at a life assurance company for stability of cash
flow," he was quoted as saying by the newspaper.
Prudential would not have to provide any further cash to finance a deal, he
added.
paul.sandle@thomson.com
ps/cmr
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