NEWARK, N.J. & TAIPEI, Taiwan–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE:PRU) announced today that it has entered into a definitive agreement with Taishin Financial Holding Co., Ltd., a leading Taiwan-based financial institution, to sell Prudential Life Insurance Company of Taiwan Inc.
Under the terms of the agreement, Prudential Financial will sell 100% of its life insurance business in Taiwan.
Established in 1989, Prudential of Taiwan sells individual whole life and other protection products to middle market and affluent consumers through highly trained Life Planners who provide customized plans and high-quality service.
This transaction is consistent with Prudential Financial’s strategic focus internationally on Japan and higher-growth emerging markets around the world.
Completion of the transaction is subject to customary closing conditions, including regulatory approvals.
PGIM, the asset management business of Prudential Financial, Inc., will remain active in the asset management industry in Taiwan through PGIM SITE.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of June 30, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.
About Taishin Financial Holding Co., Ltd.
Taishin Financial Holding Co., Ltd is a Taiwan-based financial holding company principally engaged in the investment and management of its subsidiaries. The Company operates through three business segments: The Banking Businesses segment, The Securities Businesses segment, and The Others segment. The Company is also involved in futures trading, venture capital, insurance brokerage and other finance related businesses. For more information, please visit https://www.taishinholdings.com.tw.