Prudential Financial has signed definitive agreements to sell its insurance operations in Brazil and Mexico to CNP Assurances Group for a combined $4.025 bn in cash, subject to closing adjustments.
Under the agreements, CNP Seguradora, the French insurer’s Brazilian subsidiary, will acquire Prudential of Brazil, while CNP Assurances Holding will purchase Prudential of Mexico.
The transactions are expected to close in the second half of 2027, pending regulatory approvals and other customary conditions. Financial terms beyond the announced purchase price weren’t disclosed.
The divestments advance Prudential’s plan to withdraw from emerging markets and concentrate capital on its retirement, asset management and selected protection businesses in the US, Japan and Europe.
Prudential continues its exit from emerging markets
Prudential Chairman and CEO Andy Sullivan said the company is directing investment toward markets and businesses offering stronger long-term growth opportunities.
The sale follows several other announced disposals, including Prudential’s interests in PT PFI Mega Life Insurance in Indonesia, Alexforbes in South Africa and ICEA LION in Kenya. The ICEA LION transaction closed on October 13.
Together, the disposals reduce Prudential’s geographic exposure and release capital for its remaining operations.
Prudential intends to allocate proceeds from the Brazil and Mexico transactions according to its capital management priorities, including investments in its retirement, asset management and selected protection businesses.
As of June 30, 2026, Prudential managed approximately $1.6 tn in assets, with operations across the US, Asia, Europe and Latin America.
CNP Assurances expands its Latin American insurance business
For CNP Assurances, the acquisition increases its presence in Brazil and establishes operations in Mexico. The French group identified both businesses’ distribution networks, customer relationships and Life Planner franchise as attractive assets.
CNP Assurances CEO Marie-Aude Thépaut described the agreement as a significant development for the group’s Latin American operations, citing the acquired companies’ established distribution capabilities and experienced teams.
The transaction also supports CNP’s plans to expand its regional insurance business beyond its existing Brazilian operations.
CNP Assurances is a subsidiary of La Banque Postale and operates in 17 countries. It reported net profit of €1.492 bn in 2025 and employs more than 8,500 people.
The company ranks second in France in mortgage loan insurance and life insurance and third in Brazil’s insurance market. Its distribution partners serve more than 33 mn people through personal risk and protection products, alongside 10 mn savings and pension customers. CNP Assurances manages an investment portfolio of approximately €400 bn.
Financial and legal advisers
Morgan Stanley advised Prudential on the transaction. Willkie Farr & Gallagher provided legal advice alongside Mattos Filho in Brazil and Pérez-Llorca in Mexico.
Goldman Sachs acted as financial adviser to CNP Assurances. Its legal advisers included Skadden, Arps, Slate, Meagher & Flom, BMA Advogados in Brazil and Galicia Abogados in Mexico.
