Prudential agrees to sell life insurance business in Japan

16th Jul 2013 14:38

UK financial services group Prudential has agreed to sell its life insurance business in Japan to SBI holdings.The company will dispose of PCA Life Insurance (PCA Life Japan) for $85m, subject to regulatory approval.Prudential said 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."PCA Life Japan and SBI Holdings will work closely together to ensure a smooth transition," Prudential said in a statement. Prudential will remain in the Japanese market through Eastspring Investments, its Asian asset management business which is expected to be a key driver of growth. Shares rose 0.98% to 1,136p at 13:55 on Tuesday.RD