Prudential plc (“Prudential”), the UK-based financial services group, has reached an agreement to sell 100% of its life insurance subsidiary in Korea, PCA Life Insurance Co., Ltd ("PCA Life Korea"), to Mirae Asset Life Insurance Co., Ltd. ("Mirae"), for KRW170 billion (equivalent to £119 million1). The 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 its shareholders.
PCA Life Korea and Mirae will work together to ensure a smooth transition. PCA Life Korea will continue to fulfil its policyholder obligations and maintain high levels of service to customers until the sale has been completed.
Prudential remains committed to the Korean market through Eastspring Investments, its Asian asset management business.
Prudential is well positioned in Asia, with top three positions in eight out of 12 life insurance markets and through Eastspring Investments, one of the region's largest asset managers.
For more information, visit http://www.prudential.co.uk/media/group-news-releases/2016/10-11-2016.
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