Prudential

Prudential to Sell South Korean Insurance Business

Prudential Financial announced it has reached an agreement to sell Prudential Life Insurance Company of Korea to Korean financial services provider KB Financial Group for approximately 2.3 trillion Korean won ($1.9 billion).

Prudential Life Insurance was the eleventh-largest insurer in the South Korean market with $17.1 billion in assets last year. The deal is expected to help KB Financial overtake its rival Shinhan Financial Group and become the ninth-largest player in the market.

“Creation of synergy effects will depend entirely on their management strategy,” NH Investment & Securities analyst Boram Cho said.

Prudential hired Goldman Sachs to explore a possible

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