US-based Prudential Financial has agreed to sell its Brazilian and Mexican operations to French insurer CNP Assurances for around $4.03bn (€3.58bn) in cash.
The proposed sale forms part of Prudential Financial’s planned withdrawal from emerging markets.
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It follows announced sales of the company’s stakes in joint ventures including PT PFI Mega Life Insurance in Indonesia, Alexforbes in South Africa and ICEA LION in Kenya.
Prudential Financial chairman and CEO Andy Sullivan said: “This transaction positions Prudential of Brazil and Prudential of Mexico for continued success with an owner committed to its customers, employees and distribution partners. We remain focused on narrowing our geographic footprint and building a simpler, more focused Prudential.”
CNP Assurances will purchase the businesses through its Brazilian subsidiary, CNP Seguradora, and CNP Assurances Holding.
Prudential Financial said it will direct the proceeds towards its capital allocation priorities and growth investments in retirement, asset management and selected protection businesses across the US, Japan and selected European markets.
Prudential of Brazil recorded $1.45bn in revenue for the year ended 31 December 2025.
The Mexican business generated more than $112m in revenue through insurance advisers known as Agentes de Seguros y Fianzas.
For CNP Assurances, the acquisition would increase its Brazilian operations and give it a presence in Mexico.
The company said the deal would broaden its distribution channels and insurance offering in Brazil, while reinforcing its Latin American position.
CNP Assurances expects the transaction to deliver a 15% internal rate of return and lower its Solvency Capital Requirement coverage ratio by around 20 percentage points.
The transaction is expected to complete in the second half of 2027, subject to customary conditions including regulatory approvals.
Further terms were not disclosed.
CNP Assurances CEO Marie-Aude Thépaut added: “We are delighted to announce this transaction, which represents a major step forward in our development in Latin America.”
