Prudential Financial announces sale of Taiwanese Business
Prudential Financial has announced that it has entered into a definitive agreement with Taishin Financial, a leading Taiwan-based financial institution, to sell Prudential Life Insurance Company of Taiwan Inc. (Prudential Taiwan).
Under the terms of the agreement, Prudential Financial will sell 100% of its life insurance business in Taiwan, the firm said in a press release.
Established in 1989, Prudential of Taiwan sells individual whole life and other protection products to middle market and affluent consumers through highly trained Life Planners who provide customized plans and high-quality service.
This transaction is consistent with Prudential Financial’s strategic focus internationally on Japan and higher-growth emerging markets around the world, reports the firm.
Prudential Financial added that the completion of the transaction is subject to customary closing conditions, including regulatory approvals.
PGIM, the asset management business of Prudential Financial, Inc., will remain active in the asset management industry in Taiwan through PGIM SITE, says the firm.