Prudential Says U.S. Unit Will Be Spun Off in Second Quarter
- Insurer reiterates it’s considering raising up to $3 billion
- Firm reports slight increase in 2020 operating profit
Prudential Plc announced plans last August to spin off Jackson through an IPO in the first half of 2021.
Photographer: Jason Alden/Bloomberg
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Prudential Plc laid out a time frame for splitting off its U.S. arm as the insurance giant prepares to ramp up its focus on Asia.
The demerger of its Jackson unit is expected to complete in the second quarter of this year, the company said in an earnings statement Wednesday. Prudential also said it was still considering raising up to $3 billion of new equity, which could occur via a share sale in Hong Kong as part of its refocus on Asia.