Prudential Corp. Asia managing director Dan Bardin said the acquisition is still subject to approval by regulatory authorities and is expected to be completed by the third quarter of this year.
"While we wait for the approval, the terms of the agreement cannot be disclosed yet," Bardin said.
The acquisition, however, will not affect the Dutch financial giant’s banking and asset management activities in the Philippines.
ING is expected to remain active in investment banking, equity markets, financial markets, corporate banking and private banking.
"ING is apparently repositioning itself and approached Pru Life UK about the sale of its insurance subsidiary," Bardin said, adding that "we accepted the offer because Pru Life felt that we could integrate ING’s insurance activities with our own."
Pru Life UK, Bardin said, is already one of the leading insurance players in the Philippines.
According to Pru Life UK chief executive officer Bobby Madrid, "Pru Life US is very clearly focused on becoming one of the Philippines’ leading life insurance companies. ING Life Philippines is a sound business with a customer-oriented culture similar to our own and we are delighted we can bring our two business together."