Prudential Financial agreed to sell its insurance businesses in Brazil and Mexico to CNP Assurances for $4.025 billion in cash. The definitive agreements cover 100% of both businesses. Prudential said the price remains subject to customary closing adjustments. Completion is expected in the second half of 2027, subject to regulatory approvals and other closing conditions.
The transaction advances Prudential's plan to leave emerging markets and concentrate capital on retirement, asset management and selected protection businesses. The company previously agreed sales involving ventures in Indonesia, South Africa and Kenya. Prudential said the Kenya transaction closed on 13 October. It plans to use the Latin America proceeds for its wider capital-allocation priorities and higher-priority growth opportunities.
CNP EXPANDS ACROSS LATIN AMERICA
CNP, a subsidiary of La Banque Postale, is already Brazil's third-largest insurer. It said Prudential's Brazilian operation serves 6.9 million policyholders through a network that includes 2,500 franchised Life Planners. The business generated €1.3 billion of revenue in 2025.
Prudential's Mexican operation generated €0.1 billion of revenue in 2025, according to CNP. The buyer said the acquisition would establish its presence in Mexico and move the group into Latin America's five largest insurers. CNP estimates a 15% internal rate of return and an approximately 20-percentage-point reduction in its solvency capital requirement coverage ratio.
REGULATORY APPROVALS COME NEXT
Morgan Stanley advised Prudential, while Goldman Sachs advised CNP. Reuters and The Wall Street Journal separately reported the definitive agreement and cash consideration. The parties did not disclose further terms beyond the aggregate price and planned timetable.
The agreement is a signed transaction rather than a completed transfer of control. Regulatory reviews in Brazil and Mexico are the next material milestones, followed by any disclosed closing adjustments. Until those approvals are secured, the businesses remain under Prudential's ownership and the expected second-half 2027 completion date remains conditional.