Prudential To Pursue Separation Of US Business In Q2 - Quick Facts

(RTTNews) - The Board of Prudential plc (PRU.L, PUK) has decided to pursue the separation of Jackson Financial from the Group in the second quarter of 2021 through a demerger, whereby shares in Jackson would be distributed to Prudential shareholders. Prudential appointed Steven Kandarian as Non-Executive Chair of Jackson's Board. Kandarian is the former CEO of MetLife.

At the point of demerger, Prudential would retain a 19.9 percent non-controlling interest in Jackson, which the Group would monetise over time. Following the separation, Jackson expects to list on NYSE under the ticker, JXN. Jackson does not expect to pay a pre-separation dividend to Prudential.

Following completion, Prudential will be wholly focused on its health & protection and savings markets in Asia and Africa. The Group confirmed that the overall quarterly sales trajectory in Asia has continued to improve during the second half of 2020 and operating performance for 2020 is anticipated to be in line with current market expectations.