Prudential Financial Sells Brazil & Mexico Businesses to CNP Assurances for $4.025 Billion

Transaction Overview

On October 20, 2026, Prudential Financial, Inc. (NYSE: PRU) entered into definitive agreements to divest 100% of its equity interests in both Prudential do Brasil Seguros S.A. and Prudential Seguros Mexico, S.A. de C.V. to the CNP Assurances Group.

• Purchase Price: Approximately $4.025 billion in cash, subject to customary closing adjustments.
• Target Entities: Prudential of Brazil and Prudential of Mexico.
• Acquirers: CNP Seguradora (CNP Assurances' Brazilian subsidiary) and CNP Assurances Holding.
• Expected Closing: Second half of 2027, subject to regulatory approvals and customary closing conditions.

Strategic Implications

• Emerging Markets Exit: The transaction accelerates Prudential's strategy to systematically exit emerging markets, following recent stake sales in Indonesia (PT PFI Mega Life), South Africa (Alexforbes), and Kenya (ICEA LION).
• Capital Reallocation: Prudential plans to redeploy the ~$4.025 billion in cash proceeds into higher-priority growth segments, specifically retirement, asset management, and select protection businesses across the United States, Japan, and select European markets.
• Buyer Expansion: For CNP Assurances (a subsidiary of La Banque Postale), the transaction expands its footprint in Latin America, strengthening its position as a major insurer in Brazil and establishing an immediate presence in Mexico.

Advisors

• Prudential: Morgan Stanley (Financial Advisor); Willkie Farr & Gallagher, Mattos Filho, and Perez Llorca (Legal Counsel).
• CNP Assurances: Goldman Sachs (Financial Advisor); Skadden, Arps, Slate, Meagher & Flom LLP, BMA Advogados, and Galicia Abogados (Legal Counsel).