Prudential was founded in 1848 and was first known as "The Prudential Mutual Assurance Investment and Loan Association” with its purpose to offer life assurance and loans to the middle classes. By 1875 the group was collecting premiums on 3.4 million policies and by 1898 it had become the leading UK life company, with £30 million in accumulated funds. in 1923 Prudential expanded overseas and opened its first overseas life branch in India. Since then the group has expanded worldwide, most notably in Asia where it now has operations in 13 countries in the region since first expanding to the area in 1994.