Mergers and Acquisitions–Some Food for Thought（19页）PPT.pdf

Agenda … Some Food for Thought
z M&A is hot in Asia…
z Challenges in M&A. Bigger picture.
z Actuaries, financials and price…
z Some insights into top-down pricing considerations and metrics…
z Useful metrics and benchmarks?
z Final food for thought…
Risk and Opportunity in action…
Some headlines … Reactions ?
z “Prudential to pay US$35.5 billion for AIA”
z “Prudential to pay US$1 billion in advisor’s fees”
z “Met to acquire ALICo for US$15.5 billion”
z “AXA to double the size of it’s Asian business”
z “Max NYL sheds 4% pie to Axis Bank”
z “Prudential pays S$ 428 million for UOB Life”
z “European insurers exit Taiwan”
z “ING to dispose of its insurance unit”
z “Chinese consortium to buy AIA…”
z “AIA IPO back on…”
z In short, high activity and we will see many deals as the above headlines are the tip of
the iceberg and a catalyst for action…
z There has always been relatively high M&A activity in Asia over the last fifteen or so years but few
exercises have resulted in deals…
z A hinderance has been different perspectives and expectations of sellers and buyers…
— And, unfortunately, not all actuaries involved have covered themselves in glory…
Agenda … Some Food for Thought
z M&A is hot in Asia…
z Challenges in M&A. Bigger Picture.
z Actuaries, financials and price…
z Some insights into top-down pricing considerations and metrics…
z Useful metrics and benchmarks?
z Final food for thought…