Prudential Financial (PRU) announced that it has entered into a definitive agreement with KB Financial Group (KB) to sell The Prudential Life Insurance Company of Korea.

Under the terms of the agreement, Prudential Financial will sell 100% of its life insurance business in Korea for cash consideration of $1.9B. "This transaction is consistent with Prudential Financial's strategic focus internationally on Japan and higher-growth emerging markets around the world," the company said in a statement. Completion of the transaction is subject to customary closing conditions, including regulatory approvals, and is expected to occur by the end of 2020.

Proceeds of the transaction are expected to be used for general corporate purposes, Prudential added