Prudential Financial to sell Korean life insurance subsidiary to KB Financial
US insurance giant Prudential Financial has signed a deal worth around 2.3 trillion won ($1.9 billion) to sell The Prudential Life Insurance Company of Korea (Prudential of Korea) to Korean financial services provider KB Financial Group.
Founded in 1989, Prudential of Korea provides life insurance and other protection products through its Life Planner business and general agency channel.
According to Prudential Financial, the sale of its life insurance business in Korea is consistent with its strategic focus internationally on Japan and higher-growth emerging markets across the world.
The closing of the deal is subject to the meeting of customary closing conditions, including receipt of regulatory approvals, and is likely to occur by the end of this year.
Proceeds of the sale are expected to be utilized for general corporate purposes, said Prudential Financial.