Mirae moves to acquire Korean unit of Prudential

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Mirae moves to acquire Korean unit of Prudential

Mirae Asset Life Insurance has submitted a letter of intent to acquire PCA Life Korea, the Korean unit of British financial group Prudential, according to multiple local reports Tuesday. Industry sources said Mirae sent the letter to Goldman Sachs, a lead adviser of the sale.

Prudential first announced last December it was selling the Korean unit as part of its restructuring efforts in Asia. According to the Korea Life Insurance Association, Mirae is the country’s sixth-largest life insurance company, and PCA Life is the 19th.

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