Prudential Financial has entered into a definitive agreement with KB Financial Group, South Korea’s leading financial services provider, to sell The Prudential Life Insurance Company of Korea.
Under the terms of the agreement, Prudential Financial will sell 100% of its life insurance business in Korea for cash consideration of approximately KRW2.3tn ($1.9bn), according to a statement issued by the company.
Established in 1989, Prudential of Korea is a leading provider of life insurance and other protection products through its signature Life Planner business and growing general agency channel. This transaction is consistent with Prudential Financial’s strategic focus internationally on Japan and higher-growth emerging markets around the world.
Completion of the transaction is subject to customary closing conditions, including regulatory approvals, and is expected to occur by the end of 2020.
Prudential Financial, a financial wellness leader and premier active global investment manager with more than $1.5tn in assets under management as of 31 December 2019, has operations in the US, Asia, Europe and Latin America.