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LONDON (Reuters) - Shares in Prudential fell 5% on Thursday as the life insurer said the spin-off of its U.S. business would not take place until the second half.
Analysts were expecting the demerger, announced last year following pressure from activist investor Third Point, to take place this month. Prudential had previously said the demerger would take place in the second quarter.
The company said that while regulatory approvals for the demerger had been received from Michigan and New York, regulatory engagement was continuing so detail on Jackson s first-quarter performance could be included. The U.S. demerger will complete Prudential s structural transformation into a business solely focused on the growth opportunities of Asia and Africa, chief executive Mike Wells said in a trading statement ahead of the company s annual general meeting on Thursday.
British insurer Prudential
expects to split off its U.S. business in the second
quarter, it said on Wednesday as it posted a 4% rise in
full-year operating profit on the back of strength in Asia. . | March 8, 2021