Prudential Expects Annual Savings of $340 Million Following AIA Acquisition (AIG)British insurer Prudential PLC CEO Tidjane Thiam said Monday that the company expects to realize cost savings of approximately $340 million annually from its planned acquisition of American International Group's (NYSE:AIG) Asian operations.
According to a Dow Jones report, Chief Executive Tidjane Thiam also said the purchase of AIA could produce "significant revenue synergies which can increase the new business profit on a net basis by something like $700 million per annum."
Thiam added that job cuts from combining the two companies may be limited.
Thiam also said it would be hard to make another acquisition on par with the size of AIA, which was worth $35.5 billion. "I cannot foresee another transaction of this scale for a while," he added.