WASHINGTON (dpa-AFX) - U.S. insurer Prudential Financial, Inc. (PRU) announced on Tuesday that it has agreed to sell its life insurance businesses in Brazil and Mexico to France's CNP Assurances for $4.025 billion in cash as part of its strategy to simplify operations and focus on key growth markets.
The transaction includes the sale of Prudential of Brazil to CNP Seguradora, CNP Assurances' Brazilian subsidiary, and Prudential of Mexico to CNP Assurances Holding.
The company said it plans to use the proceeds to support capital allocation priorities and invest in growth opportunities across its retirement, asset management and selected protection businesses in the United States, Japan and certain European markets.
The agreement follows the insurer's previously announced sale of stakes in joint ventures, including PT PFI Mega Life Insurance in Indonesia, Alexforbes in South Africa and ICEA LION in Kenya, which closed on October 13.
Prudential said the deal is expected to close in the second half of 2027.
Morgan Stanley advised Prudential on the transaction, while Goldman Sachs advised CNP Assurances.
On the NYSE, shares of Prudential Financial were losing 1.93 percent, changing hands at $113.67.
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