Prudential Corporation Holdings Ltd. will purchase a full stake in Orico Life Insurance Co. for 23 billion yen on Feb. 13 from its parent company Orient Corp., Prudential and Orient said Tuesday.
Prudential aims to establish a foothold in Japan, the largest insurance market in Asia, while Orient Corp. tries to concentrate on its credit sales business amid the intensifying competition in the sector, the firms said.
The entry of the British giant into the Japanese market is expected to spur the fight for survival in the sector.