UPDATE 1-Prudential to buy online startup Assurance IQ for $2.35 bln -WSJ
(Adds details from WSJ report)
Sept 5 (Reuters) - Prudential Financial Inc has agreed to acquire online startup Assurance IQ Inc for $2.35 billion, the Wall Street Journal reported on Thursday, citing executives of the U.S. insurer.
Prudential would provide up to $1.15 billion in additional cash and equity if Assurance meets certain growth objectives, the WSJ reported. (https://on.wsj.com/2m06wvs)
Assurance sells health, life, Medigap, home, and auto policies online and offers products from more than 20 providers, not including Prudential.
The insurance giant plans to make money initially from the commissions and other fees that Assurance receives from providers, while adding its own products, including life insurance and annuities, to the mix over time, the WSJ reported.
Prudential and Assurance were not immediately available for comment. (Reporting by Bharath Manjesh in Bengaluru; Editing by Anil D'Silva)
