The sale of PCA Life Insurance, which is subject to regulatory approval, forms part of Prudential’s strategy of allocating its capital to markets where it is well positioned to generate attractive long-term returns for its shareholders.
Mirae Asset Life Insurance, part of the Mirae Asset group, was established in 1988 and is the sixth largest life insurance company in Korea, with assets in excess of KRW28trn.
PCA Life Korea, as the company is also known, and Mirae will work together to ensure a smooth transition.
The announcement from Prudential confirmed that 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 its Asian asset management business, Eastspring Investments.