Prudential Prepares for IPO of US Arm
March 11 2020 - 06:12AM
Dow Jones News
By Sabela Ojea
Prudential PLC on Wednesday said that it is preparing for a
minority initial public offering of its U.S. arm, Jackson National
Life Insurance Company.
Chairman Paul Manduca said, for the past nine months, the
company has been considering the best way to introduce a third
party to finance Jackson and has come to the conclusion that the
best way to do it is "to seek a listing of Jackson in the U.S. in
due course, subject to market conditions."
The London-listed insurer said it has already taken management
actions on the public offering direction and its attention is now
set on gaining the engagement of key stakeholders.
It said an update on the U.S. listing will be given on Aug.
11.
The U.S. is the world's largest retirement market and Jackson is
looking at diversifying its product range and distribution network,
Prudential added.
"Over time, this is expected to lead to a more balanced mix of
policyholder liabilities and enhance statutory capital and cash
generation," Jackson Chairman and Chief Executive Michael Falcon
said.
Jackson's operating profit increased by 20% to $3.07 billion in
2019, Prudential said.
Shares at 0918 GMT were up 32.50 pence, or 3.0%, at 1,131.00
pence.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 11, 2020 05:57 ET (09:57 GMT)
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