Acquisition

Prudential PLC
18 June 2002

Embargo: 09.30 hrs Tuesday 18 June 2002



       Prudential plc to acquire ING's life operation in the Philippines

Prudential plc ('Prudential') announced today that it has signed a sale and
purchase agreement to acquire ING's wholly owned Philippine life insurance
subsidiary, ING Life Insurance Co. (Phils.) Inc. The deal is subject to
regulatory approval and is expected to complete in the third quarter of 2002.
The net assets being acquired by Prudential are £1.5m as at 31 March 2002.

ING established its life operation in the Philippines in 1997 and has 17 sales
offices covering most major cities. Its products are primarily traditional life
insurance (endowments, whole life and term policies) and it has 800 agents,
10,000 policyholders and 100 staff. While it has built a sound life business in
the Philippines, ING is now intending to focus on its other life markets.

ING Life Philippines will be merged with Prudential's existing successful and
rapidly growing Philippine business, PRU Life UK. This acquisition continues
Prudential's planned and focused expansion strategy in Asia.

Dan Bardin, Prudential Corporation Asia's Managing Director, South Asia,
commented: 'This is a great opportunity for us as ING and Prudential have
similar cultures with highly motivated staff and agents, innovative products and
superior customer service. Combining these businesses will enable us to
accelerate our pace of growth in the Philippine market.'

Mark Tucker, Chief Executive of Prudential Corporation Asia, added: 'Prudential
is a great believer in the tremendous potential of the Asian retail financial
services markets. This acquisition is another sign of our ongoing commitment to
the Philippines'.



                                     -ENDS-

Enquiries to:
Media:                                                  Investors/Analysts:

Geraldine Davies           020 7548 3911                Rebecca Burrows                  020 7548 3537
Steve Colton               020 7548 3721
Clare Staley               020 7548 3719



Notes to Editors:

Prudential now has life operations in 12 countries across Asia combined with a
rapidly expanding mutual fund presence. Prudential was first established in Asia
in 1923 and is currently the UK's largest life insurance company, with US$20
billion funds under management, in the region.

Alongside its wholly owned operations in Asia, Prudential has formed successful
joint venture partnerships and strategic alliances with some of the region's
leading financial institutions including CITIC (China International Trust and
Investment Corporation), India's ICICI, Bank of China and Standard Chartered
Bank.

PRU LIFE UK was established in 1996 and has 12 offices in major cities and 55
branches in 27 locations across the Philippines. In 2001 it was the fastest
growing life insurer registering 63 per cent growth and now ranks fourth in the
Philippine market based on first year premium income for ordinary life business.



                      This information is provided by RNS
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