LONDON (dpa-AFX) – British life insurer Prudential plans to list its US subsidiary Jackson National Life on the stock exchange next year. By mid-2021, the group intends to part with a minority stake in Jackson in this way, Prudential announced when the half-yearly figures were presented in London on Tuesday. After that, the group wants to gradually sell its remaining Jackson shares.
Prudential boss Mike Wells decided, under pressure from major shareholders, to completely align his company to the growth markets in Asia and Africa. So far he had only talked about getting a minority stake in Jackson public. In addition, the management has since explored a partial sale off the stock exchange.
Prudential plans to use the proceeds from Jackson’s IPO to expand its business in Asia and Africa. The group has already spun off its business in Great Britain and Europe./stw/eas/fba
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