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News 14

U.K.'s Prudential plans to expand into Brazil

LONDON -(MarketWatch)- U.K. insurer Prudential PLC is working on early plans to open a general insurance business in Brazil as part of its expansion plans, the Sunday Telegraph reports without citing sources.

The newspaper said it understands that Prudential Chief Executive Tidjane Thiam has had discussions with the Brazilian government over the possibility of relaxing current legislation which prevents an insurer from controlling its own sales force.

Although it would be possible to enter now through the bancassurance market, "it is believed" that the company's senior management feel it would be more profitable to be able to control its own sales, the report said.

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