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Prudential Financial has signed a definitive agreement to sell The Prudential Life Insurance Company of Korea to KB Financial Group.

Pursuant to the terms of the agreement, the company will sell 100% of its life insurance business in South Korea for cash consideration of $1.9bn.

Founded in 1989, Prudential’s South Korean business offers life insurance and other protection products through its signature Life Planner business and growing general agency channel.

The proceeds of the transaction are expected to be used for general corporate purposes.

Prudential Financial noted that this transaction is consistent with its strategic focus on Japan and other higher-growth emerging markets globally.

The transaction is subject to customary closing conditions including regulatory approvals. It is expected to be closed by the end of this year.

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By GlobalData

Founded in 2008, KB Financial offers a broad range of financial products and services in South Korea.

Prudential Financial is a diversified global financial services firm with operations in the US, Asia, Europe and Latin America. It provides offers investment management as well as insurance solutions to its customers.

Last year, the company acquired Seattle-based online insurance start-up Assurance IQ for sum of $2.35bn.