Prudential, the U.K.-based financial services group, has reached an agreement to sell 100 percent of its life insurance subsidiary in Korea.
PCA Life Insurance will be sold to Mirae Asset Life Insurance (Mirae), for in the region of 119 million pounds. The transaction is subject to regulatory approval.
Prudential say the proposed sale is consistent with the company'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.
