US life insurance firm Prudential Financial is mulling the sale of its brokerage and fund management units in South Korea, citing increased competition as a reason for the move.

In a statement this week, Prudential said that it could offload either or both Prudential Asset Management Co and Prudential Investment & Securities Co, which it acquired from Korea Deposit Insurance Corp in 2004.

The company said the plan to exit some of its operations in South Korea comes after the government lifted restrictions over how banks and securities companies do business, resulting in a highly competitive environment for the 63 fund managers in the country.

Prudential said its life insurance arm in South Korea will not be affected by the planned sale.