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

Oct 20 — 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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