US insurance and investment firm Prudential Financial has announced that it plans to sell its Korean life insurance business to financial services provider KB Financial Group (KB).
Under the terms of its agreement, Prudential Financial will sell 100% of The Prudential Life Insurance Company of Korea for a cash consideration of 2.3 trillion Korean Won, or US $1.9 billion.
Established in 1989, Prudential of Korea provides life insurance and other protection products through its Life Planner business and growing general agency channel.
Prudential Financial explained that this transaction is consistent with its strategic focus internationally on Japan and higher-growth emerging markets around the world.
The sale is expected to complete by the end of 2020, with proceeds to be used for general corporate purposes.