Prudential, the UK-listed insurer, has “overwhelming” investor support for a $20 billion rights offering to finance the acquisition of American International Group’s Asian life unit, Bloomberg reported, citing a top Prudential executive.

“The investor feedback has been extremely positive,” Barry Stowe, Hong Kong-based chief executive of Prudential Corporation Asia, was quoted by the news service as saying. “There’s a prospectus to be issued and a lot of conversations to be had. But I can tell you the support from shareholders has been overwhelming.”

Prudential Chief Executive Officer Tidjane Thiam needs 75 per cent of investors to support the rights offer to fund the $35.5 billion purchase of AIA Group Ltd. and will this month publish a prospectus which will include AIA’s accounts for the last three years. The insurer plans dual primary listing in Hong Kong.

The deal is Mr Thiam's first since he assumed his post 5 months ago. Through the acquisition, Prudential adds over 20 million customers from an institution that has more than $60 billion of assets in the region alone. AIG's range of services covers life, accident and health insurance, as well as private retirement planning and wealth management.