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.
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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.