By Ian Walker

LONDON--Insurer Prudential PLC (PRU.LN) said Thursday it is selling its life-insurance business in South Korea for about 119 million pounds ($148 million), as part of its strategy of focusing on core markets.

Prudential is selling Korea, PCA Life Insurance Co., Ltd. to Mirae Asset Life Insurance Co., Ltd. subject to regulatory approval.

The company added that it remains committed to the Korean market through Eastspring Investments, its Asian asset-management business.

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749(END) Dow Jones Newswires

November 10, 2016 04:00 ET (09:00 GMT)

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