Prudential Financial Inc. /zigman2/quotes/203750923/composite PRU +2.62% 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 +0.79% has declined 21.9% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.50% has lost 13.7%.