The two agencies were chosen for the final round after an initial phase that included Hakuhodo, DraftFCB and McCann Erickson. The business is expected to be worth between $7 million and $12 million in revenue to the successful agency.
Prudential is currently ranked 35th in Japan's insurance market. "It needs to put quite a lot of money behind the effort if it wants to compete," an industry source said.
Prudential is the biggest manager of retail funds in Japan, despite writing off $240 million following its acquisition of Orico Life to enter the market in 2001.