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April 10, 2020, 6:37 a.m. EDT

Prudential to sell Prudential of Korea for $1.9 billion

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By Tomi Kilgore

Prudential Financial Inc. /zigman2/quotes/203750923/composite PRU +7.43% said Friday that it has agreed to sell its Prudential Life Insurance Company of Korea Ltd. business for 2.3 trillion Korean won, or $1.9 billion, to KB Financial Group Inc. The deal is expected to close by the end of 2020. "This transaction is consistent with Prudential Financial's strategic focus internationally on Japan and higher-growth emerging markets around the world," Prudential said in a statement. Prudential said it expects to use the proceeds from the sale for general corporate purposes. The stock has dropped 37.4% year to date, while the SPDR S&P Insurance ETF /zigman2/quotes/205505650/composite KIE +3.28% has declined 21.9% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.23% has lost 13.7%.

/zigman2/quotes/203750923/composite
US : U.S.: NYSE
$ 60.46
+4.18 +7.43%
Volume: 4.56M
May 26, 2020 4:00p
P/E Ratio
8.38
Dividend Yield
7.28%
Market Cap
$22.23 billion
Rev. per Employee
$1.21M
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/zigman2/quotes/205505650/composite
US : U.S.: NYSE Arca
$ 27.08
+0.86 +3.28%
Volume: 342,153
May 26, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
2,991.77
+36.32 +1.23%
Volume: 3.36B
May 26, 2020 5:20p
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