Prudential Financial Inc. is heading south of the border.
Prudential, Newark, N.J., has incorporated Prudential Seguros Mexico S.A., a new life insurance company.
Prudential is applying for the licenses it needs to put the new insurance company in a group that will include a new bank and an existing mutual fund company.
Prudential believes that Mexico is a good market for life insurance because the percentage of Mexicans who have life insurance is relatively low by world standards, according to Yuji Tanaka, the chief executive of Prudential Seguros.
