Prudential Financial completes sale of Taiwan business to Taishin Financial

Rhea-AI Summary

Prudential Financial, Inc. (NYSE: PRU) has successfully completed the sale of Prudential of Taiwan to Taishin Financial Holding Co., following a thorough regulatory review. This transaction involves the divestiture of 100% of Prudential's life insurance operations in Taiwan, as per an agreement made on August 11, 2020. Prudential Financial continues to uphold its position as a leader in financial wellness, managing over $1.5 trillion in assets globally.

Positive

• Successful completion of the sale of Prudential of Taiwan, enhancing focus on core operations.
• Transfer of 100% of life insurance business potentially allows for reinvestment into other growth areas.

Negative

• Exit from the Taiwanese market may limit future growth opportunities in Asia.

Prudential Financial, Inc. (NYSE: PRU) announced today the completion of its sale of Prudential of Taiwan to Taishin Financial Holding Co., Ltd., following a successful regulatory review.

Under the terms of the agreement, announced on August 11, 2020, Prudential Financial sells 100% of its life insurance business in Taiwan.

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 March 31, 2021, 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 taishinholdings.com.tw.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210630005477/en/

FAQ

What is the recent announcement from Prudential Financial regarding Taiwan?

Prudential Financial announced the completion of its sale of Prudential of Taiwan to Taishin Financial Holding Co.

When was the agreement for the sale of Prudential of Taiwan announced?

The agreement was announced on August 11, 2020.

What percentage of Prudential's life insurance business in Taiwan was sold?

Prudential sold 100% of its life insurance business in Taiwan.

How does the sale impact Prudential Financial's operations?

The sale allows Prudential to streamline its operations and focus on core markets.