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Prudential PLC plans to double its pre-tax operating profit of 465 million pounds sterling and new-policy sales of 713 million pounds in Asia over the next three years. On the news, the insurer's share value rose 5.5% to close at 599 pence.

Boosted by its Asian business, Prudential PLC's third-quarter insurance sales rose 17% to 809 million pounds sterling from 689 million pounds a year earlier. Article discusses Prudential's sales by region, growth in Asia, and failed attempt to take over AIA Group Ltd.

Restructuring firm Resolution Ltd. will buy some of AXA S.A.'s life insurance operations in the U.K. for 2.75 billion pounds sterling. AXA's net proceeds from the sale will be about 1.7 billion euro which will be used to develop its wealth-management business in the U.K.

Restructuring firm Resolution Ltd. is expected to acquire AXA S.A.'s life insurance business in the U.K. for 2.75 billion pounds sterling. Resolution will hold a pre-emptive rights issue of about 2 billion pounds to fund the purchase.

U.K. restructuring firm Resolution Ltd. seeks to acquire the U.K. life insurance business of French insurance company AXA S.A. for 2.75 billion pounds sterling. If successful, Resolution would merge the unit with life insurance firm Friends Provident which was bought by Resolution last year for 1.86 billion pounds.

Old Mutual PLC's 2009 operating profit rose 4% to 1.17 billion pounds sterling from 1.136 billion pounds a year earlier. Full-year life assurance sales dropped 6% to 1.38 billion pounds, while fourth-quarter life insurance sales rose 29%. Old Mutual said it will partially list its asset-management unit in the U.S., and sell its U.S. life-insurance operations.

Following its $35.5 billion acquisition of American International Assurance Ltd., Prudential PLC will list its shares in Hong Kong ahead of the $20 billion rights issue planned for May. Prudential's shares are expected to begin trading on the Hong Kong market in late April or early May.

To complete its $35.5 billion acquisition of American International Assurance Ltd., Prudential PLC will need the backing of its three largest shareholders, which will have to approve a rights issue and the sale of new shares to fund the purchase.

In a move to diversify by offering more British corporate bonds, the London Stock Exchange Group PLC set up an electronic order book for the retail bond market. Initially, 49 gilt-edged securities and 10 bonds will be offered for trading.

Affected by strong competition from newer trading platforms, London Stock Exchange Group PLC reported a 9% third-quarter drop in revenue to 154.9 million pounds sterling, compared with revenue of 169.4 million a year earlier.

Insurance firm Friends Provident Group PLC proposed the all-share acquisition of Resolution Ltd. days after Resolution had offered to buy Friends Provident for 0.8 new Resolution share for every Friends Provident share. Friends Provident intends to become the holding company of the combined group.

Boosted by revenue from foreign markets, European insurance firms Assicurazioni Generali S.p.A., Aviva PLC, and Mapfre S.A. report strong results for 2008. Generali's direct premiums rose 4.1% to 67.4 billion euro. Final results will be reported on March 20. Aviva's new-business revenue rose 11% to 36.3 billion euro, while Mapfre's profit increased 23% to 900.7 million euro.

In an open letter, Barclays PLC's chairman -Marcus Agius- and chief executive -John Varley- say the bank will post better-than-expected profit when it reports 2008 earnings on February 9. Analysts had predicted profit of 5.3 billion pounds sterling. Barclays says it has 36 billion pounds sterling in liquidity and has no need for additional capital from the government or investors. The announcement caused Barclays' shares to rise 73% to close at 88.70 pence in London trading.

The Parliament of India is considering changing the cap on foreign direct investments in Indian insurance companies from 26% to 49%. If approved, three major U.K. insurers -Aviva PLC, Prudential PLC, and Old Mutual PLC- are expected to raise their stake in their respective Indian joint ventures to the new limit allowed by law.

Seeking to expand its international reinsurance business, Aon Corp. has agreed to acquire reinsurance broker Benfield Group Ltd. for 844 million pounds sterling and the assumption of 91 million pounds sterling in debt. The acquisition is expected to boost the companies' per-share earnings and bring both companies 65 million pounds in savings by 2011.

Fiscal second-quarter net profit for Singapore Telecommunications Ltd. rose by 3.3% to $683.1 mil, while operating revenue increased by 11%. Earnings before amortization, depreciation, tax, and interest increased 43%.

Singapore Telecommunications Ltd. is growing into emerging markets particularly Central Asia, the Middle East and Africa. Over the past ten years the mobile phone company has invested $13 billion in regional markets including India, Indonesia, the Philippines, Thailand, Bangladesh and Australia.

3i Group PLC will pay US$29 million to acquire Mizuho Investment Management (UK) Ltd., the British-based debt-management unit of Japanese conglomerate Mizuho Financial Group Inc.

The fees charged by investment banks in the United Kingdom for underwiting stocks are being scrutinized by the country's Office of Fair Trading, which says that some $2 million pounds was charged by the banks in fees.

In order to finance its $35.5 billion acquisition of American International Group Inc.'s Asia subsidiary, American International Assurance Company Ltd., Prudential PLC is launching a sale of shares. It must also convince shareholders of the deal.

After the Royal Bank of Scotland PLC's shareholders took only 0.24% of its stock offering of US$23.1 billion, the government of the United Kingdom is left with 57.9% of the bank's shares, and thus will become the majority shareholder.

Pacific Century Regional Developments Ltd.'s plan to sell its 22.7% stake in Pacific Century CyberWorks Ltd. for US $1.18 billion will most likely be rejected by a group of minority shareholders.

The article reports that Andrew Moss resigned as Chief Executive Officer (CEO) of the British insurance company Aviva PLC after stockholders rejected the company's proposal for Moss' executive compensation at the 2012 annual meeting. It is noted that Moss is the third CEO of a large British public corporation to resign in May 2012 after stockholders objected to compensation proposals.

The article discusses a $45.5 million fine levied against insurance company Prudential PLC by Great Britain's Financial Services Authority (FSA) for failure to have given the FSA timely notice of its 2010 effort to acquire an Asian operation of U.S. insurance company American International Group Inc.

The article reports that the London Stock Exchange Group (LSE) decreased its offer from twenty to fifteen euros per share for a 60 percent stake in the clearinghouse LCH.Clearnet after the deadline for an agreement was extended from December 31, 2012 to January 31, 2013.

The article presents financial news briefs as of December 20, 2012, reporting that the London Stock Exchange Group has reduced its offer to purchase clearinghouse LCH.Clearnet Ltd. and that insurance company MetLife Inc. is considering purchasing a stake in a Chilean pension-management business.

The article discusses American billionaire investor Wilbur Ross, focusing on his acquisition of a portion of the British investment firm NBNK Investments PLC and the potential for WL Ross & Co., the investment company owned by Ross, to purchase portions of other European investment banks.