Prudential Financial has entered into a definitive agreement to sell its life insurance venture in Taiwan to Taishin Financial.

In accordance with the agreement, Prudential Financial will sell its 100% stake in Prudential Life Insurance Company for TWD5.5bn ($187m).

Prudential said that this transaction is in line with its strategic focus on Japan and higher-growth emerging markets globally.

Founded in 1989, Prudential of Taiwan provides individual whole life and other protection products to middle market and affluent consumers. It has previously collaborated with Taishin on bancassurance initiatives.

Taishin, which forays into insurance space through this deal, will retain all the employees of Prudential Life Insurance after the closing of the transaction.

The acquisition enables the company to combine its financial business in the areas of banking, securities and insurance, and provide clients with more diverse offerings.

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By GlobalData

Meanwhile, Prudential Financial’s asset management business PGIM will continue to be active in the asset management industry in Taiwan through PGIM SITE.

Last year, the company agreed to purchase Seattle-based online insurance start-up Assurance IQ in a transaction valued for $2.35bn.