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Prudential looks at other options for Jackson spin-off after market turmoil

Published: 10:34 24 Mar 2020 GMT

Prudential PLC - Prudential looks at other options for Jackson spin-off after market turmoil
Pru remains committed to an independent Jackson

Prudential PLC (LON:PRU) will push ahead a spin-off of part or all of US arm Jackson Life, but says the recent market turmoil means it might no longer be through a stock market listing.

Mike Wells, chief executive, said while it continues to prepare for a minority IPO, other options are being evaluated to turn Jackson into an independent business.

Pru announced the IPO of Jackso on 11 March after pressure from US hedge fund Third Point, which owns around 5% of the firm.

Third Point wants the life assurer to separate its US and Asian business and decamp from the UK.

The hedge point estimates the Pru might save £200mln if the group closed its head office in London.

Wells today said the company’s strategy remains to take advantage to the ‘fullest extent possible’ of its business opportunity in Asia; and secondly, to pursue a path for an independent Jackson,

The Pru remains financially resilient, Wells added, with the Jackson’s risk-based capital ratio (RBC) of 366% at end 2019 broadly unchanged despite the extreme market volatility.

On Coronavirus, Wells said it has been dealing with it for several months in Asia already and had applied what it had learned there to its operation in the US and UK.

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