Prudential Financial Inc. has agreed to a deal that could free $1.9 billion in cash.
The Newark, New Jersey-based company has agreed to sell a unit in Korea, The Prudential Life Insurance Company of Korea Ltd., to KB Financial Group Inc. for about that price.
Prudential started its unit in Korea in 1989. The unit is a major player in the life insurance market in South Korea. It sells coverage through general agents and through life planners.
KB Financial is the parent of KB Kookmin Bank, a large bank based in Seoul.
KB Financial has agreed to buy 100% of Prudential’s unit in Korea, and all of the consideration would be paid in cash, according to Prudential.