Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Prudential plc    PRU   GB0007099541

PRUDENTIAL PLC

(PRU)
  Report
Delayed Quote. Delayed London Stock Exchange - 01/22 11:35:17 am
1395 GBX   -2.17%
01/22European ADRs Move Lower in Friday Trading
MT
01/22PRUDENTIAL : Changes in issued share capital
PU
01/21European ADRs Edge Lower in Thursday Trading
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Prudential : to exit U.S. business as first-half operating profit falls

08/11/2020 | 03:26am EST
The logo of British life insurer Prudential is seen on their building in London

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 3% 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.

Prudential's shares jumped 4% as investors cheered news of the exit plan, after many had urged the company to follow in the footsteps of fellow insurers Standard Life and Old Mutual, which have both split up their operations in recent years.

Prudential spun off its European funds unit M&G last year.

Reuters reported earlier this year that Prudential was considering a divestment of Jackson.

Pressure had built on the insurer after U.S. hedge fund Third Point took a more than $2 billion stake earlier this year and called on management to split the company in two.

The insurer sold a minority equity stake in Jackson to Apollo Global-backed Athene Holding for $500 million in June, in the first phase of its plan to create an independent U.S. business.

"The separation and divestment of Jackson would transform Prudential into a Group purely targeting the structural opportunities of Asia and Africa," Prudential CEO Mike Wells, a former boss of Jackson, said.

Analysts at Jefferies said a disposal of Jackson would reduce the risk premium currently applied to Prudential, reitrating their hold rating.

Operating profit came in at $2.5 billion, above a forecast of $2.4 billion, according to a company-compiled consensus forecast.

Asia's operating profit was up 14%, but Jackson's profit fell 19%.

Prudential said it was introducing a new dividend policy, aligned to growth in the Asia and Africa businesses.

It said it would pay an interim dividend of 5.37 cents per share, one-third of its expected full-year 2020 dividend.

(Editing by Sinead Cruise)

By Carolyn Cohn


© Reuters 2020
All news about PRUDENTIAL PLC
01/22European ADRs Move Lower in Friday Trading
MT
01/22PRUDENTIAL : Changes in issued share capital
PU
01/21European ADRs Edge Lower in Thursday Trading
MT
01/21PRUDENTIAL : UBS reaffirms its Buy rating
MD
01/19Chiasma Hires John Doyle as CFO
MT
01/19PRUDENTIAL : Credit Suisse Boosts Prudential Price Target, Keeps Outperform Rati..
MT
01/19PRUDENTIAL : Credit Suisse reiterates its Buy rating
MD
01/14Grab raises $300 million for fintech arm from investors including Hanwha
RE
01/14Grab raises $300 million for fintech arm's ambitious expansion
RE
01/13Grab raises $300 mln for fintech arm's ambitious expansion
RE
More news
Financials
Sales 2020 21 800 M 29 827 M 29 827 M
Net income 2020 2 101 M 2 874 M 2 874 M
Net Debt 2020 - - -
P/E ratio 2020 17,2x
Yield 2020 0,87%
Capitalization 36 213 M 49 479 M 49 547 M
Capi. / Sales 2020 1,66x
Capi. / Sales 2021 1,01x
Nbr of Employees 18 125
Free-Float 99,5%
Chart PRUDENTIAL PLC
Duration : Period :
Prudential plc Technical Analysis Chart | PRU | GB0007099541 | MarketScreener
Technical analysis trends PRUDENTIAL PLC
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 1 474,07 GBX
Last Close Price 1 395,00 GBX
Spread / Highest target 25,4%
Spread / Average Target 5,67%
Spread / Lowest Target -28,3%
EPS Revisions
Managers and Directors
NameTitle
Michael Andrew Wells Group Chief Executive Officer & Executive Director
Shriti Vinodkant Vadera Chairman
Mark Thomas FitzPatrick Group COO, CFO & Executive Director
Kaikhushru Shiavax Nargolwala Independent Non-Executive Director
Philip John Remnant Senior Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
PRUDENTIAL PLC3.56%49 479
AXA-1.54%55 898
METLIFE, INC.8.33%45 771
MANULIFE FINANCIAL CORPORATION7.55%36 821
PRUDENTIAL FINANCIAL, INC.5.83%32 668
AFLAC INCORPORATED4.41%32 615