Prudential to exit US business as first half operating profit falls

Prudential to exit US business as first half operating profit falls

British insurer Prudential said on Tuesday it planned to spin off its U.S. business Jackson to focus on Asia and Africa, as its adjusted operating profit fell 3per cent in the first half.

The logo of British life insurer Prudential is seen on their building in London
FILE PHOTO: The logo of British life insurer Prudential is seen on their building in London, Britain March 17, 2019. REUTERS/Simon Dawson

LONDON: British insurer Prudential said on Tuesday it planned to spin off its U.S. business Jackson to focus on Asia and Africa, as its adjusted operating profit fell 3per cent in the first half.

A minority initial public offering of Jackson is planned for the first half of 2021, with "full divestment over time", Prudential said in a statement.

Operating profit came in at US$2.5 billion, above a forecast of US$2.4 billion, according to a company-compiled consensus forecast.

(Reporting by Carolyn Cohn, editing by Sinead Cruise)

Source: Reuters

Bookmark