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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 +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%.

/zigman2/quotes/203750923/composite
US : U.S.: NYSE
$ 71.37
+1.82 +2.62%
Volume: 1.63M
Aug. 11, 2020 1:10p
P/E Ratio
N/A
Dividend Yield
6.19%
Market Cap
$27.47 billion
Rev. per Employee
$1.21M
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/zigman2/quotes/205505650/composite
US : U.S.: NYSE Arca
$ 30.43
+0.24 +0.79%
Volume: 307,825
Aug. 11, 2020 1:09p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,377.11
+16.64 +0.50%
Volume: 1.58B
Aug. 11, 2020 1:10p
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