Global financial services giant Prudential has unveiled a record £14.5 billion ($25.05 billion) rights issue to fund its takeover of AIG’s Asian life assets, but the future of the division’s Australian and NZ assets remains unclear.

A week after Prudential agreed to set aside a £1 billion ($1.75 billion) backstop to alleviate the Financial Services Authority’s (FSA) solvency concerns, the giant UK insurer has pressed ahead with the largest ever rights issue to fund a purchase.

Prudential is offering 11 shares for every two existing shares at an issue price of £1.04, a 39% discount on the market value it forecasts once the rights issue is completed.

The share offer will largely fund Prudential’s $US35.5 billion ($43.36 billion) play for the AIA Group.

However, little is known of Prudential’s plan for AIA’s Australian and New Zealand assets. Both are given scant mention in an investor presentation on the acquisition, with Prudential focusing on growth potential in AIA’s key markets of Hong Kong, Singapore, Thailand, Malaysia, China and Korea.

AIA is the sixth-largest life insurer in Australia, controlling 8.45% of the market. If Prudential were to divest AIA’s Australasian assets, sale estimates range between $350 million and $550 million. Potential buyers would include Tower, AMP and Westpac.