Newark-based Prudential Financial, Inc. has entered into a definitive agreement with KB Financial Group Inc. (KB), a Korean financial services provider, to sell The Prudential Life Insurance Company of Korea, Ltd.
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 $1.9 billion based on April 9, 2020 currency exchange rate.
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.
Proceeds of the transaction are expected to be used for general corporate purposes.
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