Prudential Completes Sale of Its Closed Book Life Insurance Business in Japan

LONDON (5 February 2015) -- Prudential plc (“Prudential”), through its subsidiary Prudential Holdings Limited, confirms that it completed the sale of its closed book life insurance business in Japan, PCA Life Insurance Co., Ltd. (“PCA Life Japan”) to SBI Holdings, Inc (“SBI Holdings”) on 5 February 2015. The transaction, which was announced on 16 July 2013, has received all appropriate regulatory approvals.

Of the agreed US$85 million cash consideration, Prudential received US$68 million on completion of the transaction, and will receive a further payment of up to US$17 million contingent upon the future performance of PCA Life Japan.

Prudential remains committed to the Japanese market through Eastspring Investments, its Asian asset management business, which is one of the largest in the region.

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