KB to Buy Prudential Financial’s Korea Unit for $1.9 Billion (1)

KB Financial Group Inc. is acquiring Prudential Financial Inc.’s South Korean life insurance business for 2.27 trillion won ($1.9 billion), according to a company statement.

The boards of KB Financial and Prudential Financial signed off on the all-cash deal Friday after KB submitted a revised offer earlier this week, people familiar with the matter said earlier, asking not be identified since they weren’t authorized to talk about the transaction.

The acquisition will help KB Financial rise to be the nation’s ninth-largest life insurer by assets. As of end-January, KB Financial’s life-insurance unit was the 17th largest among 24 life ...