Oct 20 (Reuters) - Prudential Financial said on Tuesday it would sell its Brazil and Mexico units to French insurance group CNP Assurances Group for $4.03 billion in cash as part of its ongoing push to simplify its business.
The deal adds momentum to Prudential's retreat from emerging markets — following divestitures in Indonesia, South Africa, and Kenya — as the US insurer sharpens focus on core businesses.
In August, CEO Andy Sullivan said Prudential planned to slash the geographic footprint of its
retirement and insurance businesses from more than a dozen countries to about half that number.
Announcing the sale on Tuesday, Sullivan said, "We remain focused on narrowing our geographic footprint and building a simpler, more focused Prudential."
The firm has operations in the United States, Asia, Europe and Latin America and roughly $1.6 trillion in assets as of June 30.
Prudential will use the deal proceeds to invest in growth opportunities in retirement, asset management and select protection businesses in the US, Japan and select European markets.
For CNP Assurances, the deal marks a major step in diversifying its Latin America business.
The transaction is expected to close in the second half of 2027.
Morgan Stanley served as financial adviser to Prudential, while Goldman Sachs advised CNP Assurances.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar and Vijay Kishore)
