Prudential to sell Korean life insurance business for $1.9B

Prudential Financial announced on Friday it has agreed to sell its life insurance business in Korea for $1.9 billion to KB Financial Group Inc.

The Newark-based financial institution said under terms of the deal, it will be selling 100% of its stake in The Prudential Life Insurance Company of Korea Ltd. to the Korean-based financial services provider.

The transaction is expected to close by the end of 2020 and proceeds will be used for general corporate purposes.