Politics

Prudential to demerge US arm Jackson next year and focus on Asia and Africa

Prudential PLC (Lon:PRU) the life and pensions group, has confirmed it will IPO its US arm Jackson Life in the first half of next year.

Initially, the Pru said it will sell a minority stake but in time intends to divest the whole business.

Following the divestment, the pensions group said it will focus on Asia and Africa to maintain growth above 10% a year.

To help fuel expansion Asia/Africa, Pru has cut its dividend to generate cash for development.

More job cuts are also on the cards though Pru said it would maintain its HQ in London.

In its statement, it said: “The Group is aiming to deliver a further annual cost reduction of around US$70 million by 2023 on top of the $180 million cost savings from 2021 previously announced as a result of the M&G demerger.”

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