Prudential to sell off Japan unit

Insurance giant Prudential revealed yesterday that it is set to offload a closed book life insurance wing in Japan. Tokyo-based SBI Holdings will pay around £56m for the PCA Life Insurance unit, so long as approval is granted by regulators. Prudential said that the sale does not mean it is turning its back on the country. “Prudential remains committed to the Japanese market through Eastspring Investments, its Asian asset management business. Eastspring is one of the largest asset managers in Asia and its Japanese business will continue to be a key driver of its growth,” the firm said.