Form 6-K PRUDENTIAL PLC For: Nov 10
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November, 2016
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F X
Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in connection with Rule 12g3-2(b): 82-
10 November 2016
Prudential plc announces the sale of its life insurance business in
Korea
Prudential plc ("Prudential"), the UK-based financial services
group, has reached an agreement to sell 100% of its life insurance
subsidiary in Korea, PCA Life Insurance Co., Ltd. ("PCA Life
Korea"), to Mirae Asset Life Insurance Co., Ltd. ("Mirae"), for
KRW170 billion (equivalent to £119 million). The
transaction is subject to regulatory approval.
The proposed sale is consistent with Prudential's strategy of
allocating its capital to markets where it is well positioned to
generate attractive long-term returns for its
shareholders.
PCA Life Korea and Mirae will work together to ensure a smooth
transition. PCA Life Korea will continue to fulfil its policyholder
obligations and maintain high levels of service to customers until
the sale has been completed.
Prudential remains committed to the Korean market through
Eastspring Investments, its Asian asset management
business.
Prudential is well positioned in Asia, with top three positions in
eight out of 12 life markets, and through Eastspring Investments,
one of the region's largest asset managers.
Enquiries:
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Media
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Investors/Analysts
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Jonathan Oliver
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+44 (0)20 7548 3537
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Raghu Hariharan
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+44 (0)20 7548 2871
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Tom Willetts
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+44 (0)20 7548 2776
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Richard Gradidge
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+44 (0)20 7548 3860
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William Elderkin
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+44 (0)20 3480 5590
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Notes to Editors:
About Prudential plc
Prudential plc and its affiliated companies constitute one of the
world's leading financial services groups, serving around 24
million insurance customers, with £562 billion of assets under
management (as at 30 June 2016). Prudential plc is incorporated in
England and Wales and is listed on the stock exchanges in London,
Hong Kong, Singapore and New York. 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 Mirae Asset Life Insurance Co., Ltd.
Mirae Asset Life Insurance Co., Ltd. was established in 1988,
and is the sixth largest life insurance company in Korea with
over KRW 28 trillion in total assets. As part of the Mirae Asset
group, Mirae Asset Life Insurance offers whole life, term and
health insurance, along with variable insurance, retirement pension
plan, fund and trust products to deliver customer focused services.
Mirae Asset Life Insurance's "two-track" strategy lies in its
commitment to offering protection-type insurance and fee based
businesses, and its cumulative returns on variable insurances for
the last three and five years were the highest among domestic life
insurance companies. Mirae Asset Life Insurance is listed on the
Korea Stock Exchange.
Forward-Looking Statements
This document may contain 'forward-looking statements' with respect
to certain of Prudential's plans and its goals and expectations
relating to its future financial condition, performance, results,
strategy and objectives. Statements that are not historical facts,
including statements about Prudential's beliefs and expectations
and including, without limitation, statements containing the words
'may', 'will', 'should', 'continue', 'aims', 'estimates',
'projects', 'believes', 'intends', 'expects', 'plans', 'seeks' and
'anticipates', and words of similar meaning, are forward-looking
statements. These statements are based on plans, estimates and
projections as at the time they are made, and therefore undue
reliance should not be placed on them. By their nature, all
forward-looking statements involve risk and uncertainty. A number
of important factors could cause Prudential's actual future
financial condition or performance or other indicated results to
differ materially from those indicated in any forward-looking
statement. Such factors include, but are not limited to, future
market conditions, including fluctuations in interest rates and
exchange rates the potential for a sustained low-interest rate
environment, and the performance of financial markets generally;
the policies and actions of regulatory authorities, including, for
example, new government initiatives; the political, legal and
economic effects of the UK's vote to leave the European Union; the
impact of continuing designation as a Global Systemically Important
Insurer or 'G-SII'; the impact of competition, economic
uncertainty, inflation and deflation; the effect on Prudential's
business and results from, in particular, mortality and morbidity
trends, lapse rates and policy renewal rates; the timing, impact
and other uncertainties of future acquisitions or combinations
within relevant industries; the impact of changes in capital,
solvency standards, accounting standards or relevant regulatory
frameworks, and tax and other legislation and regulations in the
jurisdictions in which Prudential and its affiliates operate; and
the impact of legal actions and disputes. These and other important
factors may, for example, result in changes to assumptions used for
determining results of operations or re-estimations of reserves for
future policy benefits. Further discussion of these and other
important factors that could cause Prudential's actual future
financial condition or performance or other indicated results to
differ, possibly materially, from those anticipated in Prudential's
forward-looking statements can be found under the 'Risk Factors'
heading in its most recent Annual Report and the 'Risk Factors'
heading of Prudential's most recent annual report on Form 20-F
filed with the U.S. Securities and Exchange Commission, as well as
under the 'Risk Factors' heading of any subsequent Prudential Half
Year Financial Report. Prudential's most recent Annual Report, Form
20-F and any subsequent Half Year Financial Report are/will be
available on its website at www.prudential.co.uk.
Any forward-looking statements contained in this document speak
only as of the date on which they are made. Prudential expressly
disclaims any obligation to update any of the forward-looking
statements contained in this document or any other forward-looking
statements it may make, whether as a result of future events, new
information or otherwise except as required pursuant to the UK
Prospectus Rules, the UK Listing Rules, the UK Disclosure and
Transparency Rules, the Hong Kong Listing Rules, the SGX-ST listing
rules or other applicable laws and regulations.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: 10
November 2016
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PRUDENTIAL
PUBLIC LIMITED COMPANY
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By:
/s/ Nic Nicandrou
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Nic
Nicandrou
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Chief
Financial Officer
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