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    PRU   GB0007099541

PRUDENTIAL PLC

(PRU)
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Prudential Completes Jackson Financial Demerger; Intends to Sell Down Initial Stake

09/13/2021 | 03:04am EDT

By Joe Hoppe

Prudential PLC said Monday that it has completed the demerger of Jackson Financial Inc., and that it will sell down its remaining holding within the year.

The insurance-and-investment business said it still has an initial holding of 19.9% in the newly spun-off independent company, which has been listed on the New York Stock Exchange.

Prudential said it intends to sell down this initial holding within 12 months, and that it will eventually own less than 10% of Jackson's total combined voting power. It doesn't intend to retain any seats on Jackson's board.

Qualifying shareholders of Prudential will receive one share in Jackson for every 40 Prudential shares they owned as of Sept. 2.

The move was part of the company's plan to focus on the growth opportunities of Asia and Africa.

"Our businesses in Asia have leadership positions in their chosen segments, and we now operate in eight markets in Africa. We look forward to continuing to serve our customers, and build long term value for shareholders and our other stakeholders through the disciplined execution of our growth strategy," Chief Executive Mike Wells said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

09-13-21 0504ET

Stocks mentioned in the article
ChangeLast1st jan.
JACKSON FINANCIAL INC. 0.52% 28.9 Delayed Quote.0.00%
PRUDENTIAL PLC 1.71% 1489 Delayed Quote.10.54%
All news about PRUDENTIAL PLC
10/25PRUDENTIAL : Asks Banks To Arrange Fixed Income Investor Calls
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10/24PRUDENTIAL : Fixed income investor engagement and potential benchmark transaction and refi..
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10/22PRUDENTIAL : Plans Redemption of High Coupon Bonds
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10/22PRUDENTIAL : to Redeem $2.25 Billion in Notes, Securities
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10/22GENERAL ANNOUNCEMENT : :Redemption of certain high coupon debt and monitoring of refinanci..
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10/22PRUDENTIAL : Redemption of certain high coupon debt and monitoring of refinancing opportun..
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10/22Prudential to Redeem $2.25 Billion of Bonds
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10/22GENERAL ANNOUNCEMENT : :Change in issued share capital
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10/19PRUDENTIAL : confirms board committee changes
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10/19PRUDENTIAL : confirms Board Committee changes - Form 6-K
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More news
Analyst Recommendations on PRUDENTIAL PLC
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Financials
Sales 2021 21 172 M 29 149 M 29 149 M
Net income 2021 3,11 M 4,28 M 4,28 M
Net Debt 2021 - - -
P/E ratio 2021 -77,7x
Yield 2021 0,85%
Capitalization 40 693 M 56 091 M 56 026 M
Capi. / Sales 2021 1,92x
Capi. / Sales 2022 1,60x
Nbr of Employees 16 226
Free-Float 99,6%
Chart PRUDENTIAL PLC
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Prudential plc Technical Analysis Chart | PRU | GB0007099541 | MarketScreener
Technical analysis trends PRUDENTIAL PLC
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Last Close Price 1 489,00 GBX
Average target price 1 644,45 GBX
Spread / Average Target 10,4%
EPS Revisions
Managers and Directors
Michael Andrew Wells Group Chief Executive Officer & Executive Director
Mark Thomas FitzPatrick Group COO, CFO & Executive Director
Shriti Vinodkant Vadera Chairman
Stuart James Turner Executive Director & Chief Compliance Officer
Philip John Remnant Senior Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
PRUDENTIAL PLC10.54%55 117
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METLIFE, INC.39.81%56 247
PRUDENTIAL FINANCIAL, INC.45.78%44 022
MANULIFE FINANCIAL CORPORATION10.91%39 447
AFLAC INCORPORATED28.13%38 219