Prudential Financial, the No. 1 US life insurer, has hired Goldman Sachs to explore the possibility of selling its South Korean unit, which could fetch about 2 trillion won (US$1.7bn). A sale of the unit would see the US insurer exit the South Korean market after about 30 years since it first entered.
South Korea’s large financial firms like KB Financial Group and Woori Financial, as well as private equity funds are seen as potential buyers of the insurer. KB and Woori officials denied that any acquisition talks were underway.
A spokesman at Prudential Life Insurance Company of Korea said: “We do not comment on potential transactions.”