(Bloomberg) — Prudential Plc sold its remaining stake in a 10-year joint venture with South Africa’s Discovery Ltd., providing the U.K.’s largest insurer with the option to re-enter Britain’s protection market.
The insurer agreed to sell its 25 percent stake in its PruHealth and PruProtect joint venture with Discovery for 155 million pounds ($246 million), according to a statement today. Discovery is South Africa’s largest medical-insurance administrator.
This transaction “gives us the strategic and commercial flexibility to consider operating freely in the protection market in due course,” Jackie Hunt, chief executive officer of Prudential U.K., Europe and Africa, said in a statement. “This would be fully in line with our stated strategy of developing the U.K. business.”