Completion of the sale of Japanese life business

RNS Number : 1384E
Prudential PLC
05 February 2015
 



5 February 2015

Prudential completes sale of its closed book life insurance business in Japan

Prudential plc ("Prudential"), through its subsidiary Prudential Holdings Limited, confirms that it completed the sale of its closed book life insurance business in Japan, PCA Life Insurance Co., Ltd ("PCA Life Japan") to SBI Holdings, Inc ("SBI Holdings") on 5 February 2015. The transaction, which was announced on 16 July 2013, has received all appropriate regulatory approvals.

 

Of the agreed US$85 million cash consideration, Prudential received US$68 million on completion of the transaction, and will receive a further payment of up to US$17 million contingent upon the future performance of PCA Life Japan.

 

Prudential remains committed to the Japanese market through Eastspring Investments, its Asian asset management business, which is one of the largest in the region.

 

Enquiries:

Media


Investors/Analysts


Jonathan Oliver

+44 (0)20 7548 3719

Raghu Hariharan

+44 (0)20 7548 2871

Tom Willetts

+44 (0)20 7548 2776

Richard Gradidge

+44 (0)20 7548 3860

 

Notes to Editors:

About Prudential plc

 

Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for more than 166 years and has £457 billion in assets under management (as at 30 June 2014). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.

 

About SBI Holdings, Inc.

 

SBI Holdings is an internet-based financial conglomerate, headquartered in Tokyo, Japan. It has a customer base of approximately 18 million people, with more than 140 subsidiaries and over 5,000 employees. Its three main businesses are financial services, asset management that primarily involves the operation of investment funds, and biotechnology-related businesses. The SBI Group companies include SBI SECURITIES, Japan's number one online securities company, SBI Sumishin Net Bank, Japan's largest internet bank in terms of deposit amount, and a variety of other financial companies.  

 

Forward-Looking Statements

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Any forward-looking statements contained in this document speak only as of the date on which they are made. Prudential expressly disclaims any obligation to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make, whether as a result of future events, new information or otherwise except as required pursuant to the UK Prospectus Rules, the UK Listing Rules, the UK Disclosure and Transparency Rules, the Hong Kong Listing Rules, the SGX-ST listing rules or other applicable laws and regulations.

 

 


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