logo
Share SHARE
FONT-SIZE Plus   Neg

Prudential To Sell Closed Book Life Insurance Business In Japan To SBI Holdings

UK insurer Prudential Plc. (PRU.L) announced that, through its subsidiary Prudential Holdings Limited, has reached an agreement with SBI Holdings Inc. to sell its closed book life insurance business in Japan, PCA Life Insurance Co., Ltd. for US$85 million. The proposed transaction is subject to regulatory approval.

Prudential said that the proposed sale is consistent with its strategy of allocating its capital to markets where it is well positioned to generate attractive long-term returns for shareholders. PCA Life Japan ceased underwriting new business in February 2010.

Prudential said it remains committed to the Japanese market through Eastspring Investments, its Asian asset management business.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Ciena Corp., a provider of communications networking solutions, on Thursday reported a turnaround to profit in the fourth quarter on higher revenues and lower expenses. However results for the quarter missed analysts' estimates. Looking ahead, the company forecast revenue for the first quarter of fiscal 2017 in line with analysts' expectations. Wearable fitness device maker Fitbit Inc. said it has acquired the assets of struggling smartwatch startup Pebble, including key personnel and intellectual property related to software and firmware development. The acquisition excludes Pebble's hardware products. Financial terms of the deal were not disclosed. Starbucks is teaming up with Pokémon Go, a location based augmented reality game, to turn its stores into PokéStops and Gyms, reports said. Further, the coffee giant reportedly would open Italian bakeries that serve pizza, with the first store expected to open in late 2017.
comments powered by Disqus
Follow RTT