Prudential Financial, has sold its Korean life insurance operation for $1.9 billon.
The financial services firm has sold Prudential Life Insurance Company of Korea to KB Financial Group. Under the terms of the agreement, Prudential Financial will sell 100% of its life insurance business in Korea for cash consideration of approximately 2.3 trillion Korean Won, or US $1.9 billion.
KB Financial Group is Korea’s leading financial services provider offering a broad range of financial products and services. The group was founded in 2008.
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.
Prudential said the transaction was consistent “with Prudential Financial’s strategic focus internationally on Japan and higher-growth emerging markets around the world,”.
The firms said completion of the transaction is subject to regulatory approvals and is expected to be completed by the end of 2020.