Prudential sheds Brazil, Mexico units to CNP for $4 billion as it narrows its focus

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)

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