AIA says has no plans to buy Prudential: report

LONDON (BestGrowthStock) – Asian insurance group AIA (1299.HK: ) said it has little interest in bidding for the Far East assets of Prudential (PRU.L: ), quashing speculation that it could takeover Britain’s biggest insurer, the Sunday Telegraph newspaper reported.

AIA’s Chief Executive Mark Tucker said the Asian insurer is looking at organic growth and tactical opportunities rather than major acquisitions, according to an interview in the newspaper.

“We’ve closed that chapter in our lives,” Tucker said when asked directly about whether he was interested in a bid.

Earlier this month, Prudential outlined a plan to double Asian new business profits amid shareholder pressure following its bungled multi-billion-dollar attempt to buy AIA this year.

(Reporting by Julie Crust; editing by Louise Heavens)

AIA says has no plans to buy Prudential: report