US PRUDENTIAL TO INVEST ¥30BN IN JAPAN’S KYOEI LIFE

Troubled Japanese life assurer Kyoei Life said today that it is to receive a cash injection of ¥30bn from US-based Prudential Insurance. Under the deal, Prudential will enter what was described as a basic equity and business tie-up with Kyoei. The Japanese company insisted that the agreement did not represent an acquisition by Prudential, but said that the US insurance group would become its largest shareholder. Recent media reports had suggested that Prudential was interested in taking control of Kyoei.