Item 8.01 Other Events.
Closing of Sale of Prudential of Korea
On August 31, 2020, pursuant to the terms of a Share Purchase Agreement (the
"Share Purchase Agreement") between Prudential International Insurance Holdings,
Ltd. ("PIIH"), a subsidiary of Prudential Financial, Inc. ("Prudential" or the
"Company"), and KB Financial Group Inc. (the "Buyer"), dated April 10, 2020,
PIIH completed its sale of all of the issued and outstanding capital stock of
The Prudential Life Insurance Company of Korea, Ltd. ("POK"), the Company's
Korean insurance business, to Buyer, for cash consideration of approximately 2.3
trillion Korean Won, equal to approximately U.S. $1.9 billion.
A copy of the Share Purchase Agreement was filed as Exhibit 2.1 to the Current
Report on Form 8-K filed by the Company with the Securities and Exchange
Commission on April 10, 2020, and is incorporated herein by reference. The
foregoing description of the Share Purchase Agreement is qualified in its
entirety by reference to the Share Purchase Agreement.
Forward-Looking Statements
Certain of the statements included in this Current Report on Form 8-K constitute
forward-looking statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Words such as "expects," "believes,"
"anticipates," "includes," "plans," "assumes," "estimates," "projects,"
"intends," "should," "will," "shall" or variations of such words are generally
part of forward-looking statements. Forward-looking statements are made based on
management's current expectations and beliefs concerning future developments and
their potential effects upon Prudential Financial, Inc. and its subsidiaries.
There can be no assurance that future developments affecting Prudential
Financial, Inc. and its subsidiaries will be those anticipated by management.
These forward-looking statements are not a guarantee of future performance and
involve risks and uncertainties, and there are certain important factors that
could cause actual results to differ, possibly materially, from expectations or
estimates reflected in such forward-looking statements. Certain important
factors that could cause actual results to differ, possibly materially, from
expectations or estimates reflected in such forward-looking statements can be
found in the "Risk Factors" and "Forward-Looking Statements" sections included
in the Company's Annual Report on Form 10-K and subsequent Quarterly Reports of
Form 10-Q. The Company does not undertake to update any particular
forward-looking statement included in this document.
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