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US firm sells off Korean life operation

Financial services firm KB Financial Group has agreed to buy the Korean life insurance arm of Prudential Financial.

The deal is part of Prudential Financial’s strategic focus internationally on Japan and higher-growth emerging markets around the world.

Under the terms of the agreement, Prudential Financial will sell 100% of the Prudential Life Insurance Company of Korea for cash consideration of approximately $1.9bn (£1.51bn, €1.74bn).

Established in 1989, Prudential of Korea is a provider of life insurance and other protection products through its life planner business and general agency channel.

Prudential Financial is an active global investment manager which has operations in the US, Asia, Europe and Latin America.

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