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Prudential completes Jackson demerger and declares scrip dividend

13th Sep 2021 11:38

(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.


Related Shares:

Prudential
FTSE 100 Latest
Value8,496.80
Change1.95