Prudential completes Jackson demerger and declares scrip dividend

(Alliance News) - Prudential PLC on Monday said it has completed the spinoff of US arm Jackson ...

Alliance News 13 September, 2021 | 10:38AM
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(Alliance News) - Prudential PLC on Monday said it has completed the spinoff of US arm Jackson Financial Inc and declared a demerger dividend.

Jackson, an annuity provider based in Lansing, Michigan, started conditional trading on the New York Stock Exchange on September 1, and begins regular trading on Monday next week. Shares closed at USD27.00 on Friday, down 14% from USD31.45 on September 1, making Jackson worth USD2.55 billion.

As a demerger dividend, Prudential investors will get one Jackson share for every 40 Prudential shares they own.

The London-based insurer still owns 20% of Jackson, and plans to cut its stake to less than 10% over the next 12 months.

Prudential Chief Executive Mike Wells said: "With the demerger of Jackson completed, Prudential's businesses are focused exclusively on Asia and Africa providing life and health insurance and asset management."

Shares in Prudential were up 0.9% to 1,498.00 pence in London on Monday morning.

By Ivan Edwards; ivanedwards@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Prudential PLC 710.20 GBX 2.60

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