The Prudential Assurance Company, part of Prudential Plc, has sold its 25% stake in the PruHealth and PruProtect joint venture to Discovery Group Europe for £155m.
The deal allows the Prudential to realise its investment in PruHealth and PruProtect. It will work with Discovery to ensure a smooth transition.
Jackie Hunt, Chief Executive of Prudential UK, Europe and Africa, said: “Prudential is proud to have built a successful UK health and protection business in partnership with Discovery over the past ten years. This success has enabled us to divest our stake in PruHealth and PruProtect on attractive terms for Prudential’s shareholders.
“The transaction will also give us the strategic and commercial flexibility to consider operating freely in the UK protection market in due course. This would be fully in line with our stated strategy of developing the UK business and leveraging the Group’s global expertise in risk-focused products.”
Fenchurch Advisory Partners advised Prudential on the sale.