The ST group acquired the life insurance portfolio that the American insurer had in Argentina Prudential, which was in fourth place in the ranking of this type of insurance.
The transaction took place as part of Prudential’s reorganization and its global positioning. All products that Prudential offered to date will become part of the ST Group portfolio.
According to the agreement, Grupo ST will acquire 100% of Prudential Financial’s insurance business in Argentina. For confidentiality reasons included in the contract, financial terms were not disclosed.
Prudential chose Grupo ST to relocate its operations to Argentina considering its positioning in the local market. For its part, Grupo ST has ensured the continuity of the business and the development of the current team.
Prudential Seguros was founded in Buenos Aires in 1998, focusing on family protection in the middle- and upper-income Argentine market. With this operation, Grupo ST consolidates the position of its insurance companies on the market.
In July 2023, ST Group, which operates in corporate banking, life and pension insurance, leasing, consumer lending and mutual funds, acquired the insurance assets of BNP Paribas Cardif Argentina.
With the acquisition, GST will increase its market share in the insurance sector, where it already operates in life and pensions respectively with Life and Orígenes.
Source: Clarin
