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