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Pru enters Japanese life insurance market

Prudential is entering the Japanese life insurance market with the purchase of Orico Life Insurance Company for £133m from Orient Corporation, the Japanese consumer credit provider.

Orico Life has 240,000 in force policies, with total assets at March 31, 2000 of £650m. It offers term, savings and protection policies and distributes through professional agents, financial institutions and accountants.

The acquisition means Prudential now has life operations in 11 countries across Asia.

Prudential group chief executive Jonathan Bloomer says: “Japan is the world&#39s largest life insurance market and we have been reviewing potential opportunities there for some time.”

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