Prudential sells Taiwan insurance business in growth strategy

Insurance group Prudential Financial has entered into a definitive agreement with Taishin Financial Holding, a Taiwan-based financial institution, to sell Prudential Life Insurance Company of Taiwan.

Under the agreement, Prudential Financial will sell 100 percent of its life insurance business in Taiwan.

Established in 1989, Prudential of Taiwan sells individual whole life and other protection products to the middle market.

Prudential said this transaction is in line with its strategic focus internationally on Japan and higher-growth emerging markets around the world.

PGIM, the asset management business of Prudential Financial, will remain active in the asset management industry in Taiwan through PGIM.