05 Feb 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.
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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.
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