Prudential Financial Sells Latin American Units for $4.03 Billion

Prudential Financial entered a definitive agreement on Tuesday to sell its insurance operations in Brazil and Mexico to French insurer CNP Assurances for $4.03 billion in cash. The transaction, expected to close in the second half of 2027 pending regulatory approval, allows CNP Assurances to diversify its Latin American presence and establish a new foothold in Mexico.

CEO Andy Sullivan stated the divestiture is part of a broader strategy to simplify the company's business and retreat from emerging markets. This move follows previous exits from Kenya, South Africa, and Indonesia. Sullivan noted that the company intends to reduce its geographic footprint from over a dozen countries to approximately half that number, redirecting capital toward growth opportunities in Japan, the United States, and select European markets.

CNP Assurances operates as a subsidiary of La Banque Postale. Morgan Stanley and Goldman Sachs served as financial advisers for Prudential Financial and CNP Assurances, respectively.