The insurer expects Prudential of Japan's return to market to take up to 18 months, with sales set to resume in February 2027 under a phased reopening.
The proposed transaction is expected to deepen cooperation between the companies across group medical and general insurance, subject to the satisfaction of multiple closing conditions.
The Bermuda insurer, backed by OpenAI’s Sam Altman, has now raised more than US$180m as demand for its policies rises in Asia, Europe and the Middle East.
Fire and ISR, the largest unauthorised foreign insurer (UFI) class, led the decline with new or renewed premiums invoiced down 27.3%, based on APRA data.
Subramanian also pushed back against claims that the overhaul would lead to widespread job losses, adding that reforms would expand the distribution network.
