US insurance and investment firm Prudential Financial has completed the sale of its Taiwan based life insurance business to Taishin Financial Holding Co., Ltd., following a successful regulatory review.
The sale of Prudential Life Insurance Company of Taiwan Inc was first announced back in August 2020, and saw the locally based Taishin Financial agree to take on 100% of the business.
Established in 1989, Prudential of Taiwan sells individual whole life and other protection products to middle market and affluent consumers through life planners who provide customized plans.
Going forward, PGIM, the asset management business of Prudential Financial, Inc., will remain active in the asset management industry in Taiwan through PGIM SITE.
Prudential Financial explained that the sale was consistent with its strategic focus internationally on Japan and higher-growth emerging markets around the world.
Last year, the company also announced plans to sell its Korean life insurance business to financial services provider KB Financial Group (KB) for a cash consideration of 2.3 trillion Korean Won, or US $1.9 billion.