10th Nov 2014 09:09
LONDON (Alliance News) - Prudential PLC on Monday said its Prudential Assurance Co Ltd subsidiary is to sell its stake in the PruHealth and PruProtect joint ventures for GBP155 million in cash to its partner in the businesses.
The FTSE 100 life insurer said it will sell its 25% stake in the businesses to Discovery Group Europe Ltd, the European arm of South African insurer Discovery Ltd. Discovery already owns the other 75% of the two ventures.
"The transaction will also give us the strategic and commercial flexibility to consider operating freely in the UK protection market in due course. This would be fully in line with our stated strategy of developing the UK business and leveraging the group's global expertise in risk-focused products," Jackie Hunt, Chief Executive of Prudential UK, Europe and Africa, said,
Shares in Prudential were up 0.3% to 1,442.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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