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Life Health > Life Insurance

Prudential Agrees to Sell Unit in Korea to Bank for $1.9 Billion

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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.

(Related: Why Asia Will Come Out on Top as Emerging Markets Get Shaken Up)

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.

“This transaction is consistent with Prudential Financial’s strategic focus internationally on Japan and higher-growth emerging markets around the world,” Prudential said in a comment about the deal

Prudential said it hopes to complete the unit sale by the end of 2020.

“Proceeds of the transaction are expected to be used for general corporate purposes,” Prudential said.

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