Prudential Financial Inc. entered into a definitive agreement with Taishin Financial Holding Co. Ltd., a Taiwan-based financial institution, to sell Prudential Life Insurance Co. of Taiwan Inc.
This transaction aligns with Prudential Financial’s strategic focus internationally on Japan and higher-growth emerging markets around the world, the company said in an announcement Wednesday. Prudential Financial will sell 100 percent of its life insurance business in Taiwan under the agreement.
Prudential of Taiwan was established in 1989 to sell individual whole life and other protection products to middle market and affluent consumers.
The completion of this transaction is subject to customary closing conditions, including regulatory approvals.
Prudential Financial’s asset management business PGIM will remain active in the asset management industry in Taiwan through PGIM SITE.