LONDON (16 July 2013) -- Prudential plc (“Prudential”), the UK-based financial services group, through its subsidiary Prudential Holdings Limited, has reached an agreement with SBI Holdings, Inc. (“SBI Holdings”) to sell its closed book life insurance business in Japan, PCA Life Insurance Co., Ltd. (“PCA Life Japan”) for US$85 million.The proposed transaction is subject to regulatory approval.
The proposed sale is consistent with Prudential’s strategy of allocating its capital to markets where it is well positioned to generate attractive long-term returns for shareholders. PCA Life Japan ceased underwriting new business in February 2010.
PCA Life Japan and SBI Holdings will work closely together to ensure a smooth transition. PCA Life Japan is committed to all of its policyholder obligations and maintaining high levels of service to all customers until this is complete.
Prudential remains committed to the Japanese market through Eastspring Investments, its Asian asset management business. Eastspring Investments is one of the largest asset managers in Asia and its Japanese business will continue to be a key driver of its growth.