Prudential Financial to Sell Brazil, Mexico Units to CNP Assurances for $4.03 Billion

Prudential Financial Inc. (PRU) said Tuesday it agreed to sell its life insurance businesses in Brazil and Mexico to France's CNP Assurances for $4.025 billion in cash, part of a push to simplify operations and concentrate on core growth markets. The deal covers the sale of Prudential of Brazil to CNP Seguradora, CNP Assurances' Brazilian subsidiary, and Prudential of Mexico to CNP Assurances Holding. Prudential said it will direct proceeds toward capital allocation priorities and growth investments in retirement, asset management and selected protection businesses in the U.S., Japan and certain European markets. The agreement follows Prudential's previously announced divestitures of joint venture stakes, including PT PFI Mega Life Insurance in Indonesia, Alexforbes in South Africa and ICEA LION in Kenya, which closed on October 13. The transaction is expected to close in the second half of 2027. Morgan Stanley advised Prudential; Goldman Sachs advised CNP Assurances. Prudential shares fell 1.93% on the NYSE to $113.67.