24th Mar 2020 09:12
(Alliance News) - Prudential PLC on Tuesday reported "resilient" operations across all of its geographies.
The stock was 7.1% higher in London in morning trade at 852.80 pence a share.
The FTSE 100-listed life insurance company said its operations in Asia have been providing "outstanding" service to customers in a challenging environment.
Prudential said its teams in the US, the UK and Africa are learning from the experience of their colleagues in Asia, with business continuity plans executed smoothly.
"The board is unambiguously clear on the strategic priorities for the group: firstly, to enable Prudential's investors to benefit to the fullest extent possible from the opportunity presented by Prudential's business in Asia; and secondly, to pursue a path for an independent Jackson, while ensuring that, through a combination of diversifying its business mix and the necessary strengthening of its standalone capital position, it retains the strong credit rating that its current and future customers require," said Chief Executive Mike Wells.
Jackson National Life provides annuities in the US.
At Prudential's 2019 results, announced earlier this month, the company said it is planning a minority initial public offering for Jackson, subject to market conditions.
In light of continued turmoil in public equity markets, Prudential on Tuesday said it is ensuring that, alongside preparations for the proposed IPO, it continues to actively evaluate other options for Jackson, driven by the focus and objectives that underline our strategic priorities.
"While the full consequences of Covid-19 are still emerging, Prudential has a highly resilient business model and remains well placed to continue to create value for shareholders, and support distribution partners and customers," added Wells.
By Evelina Grecenko; [email protected]
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