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