To focus on growth opportunities in Asia, US and Africa
Britain’s leading Insurance group, Prudential, has announced plans to split its UK and European business from its international businesses to focus on lucrative Asian, US and African operations.
Under the plans, the group will seek a separate listing on the London Stock Exchange for M&G Prudential. It will remain headquartered and listed in London and led by present chief executive, Mike Wells. John Foley, who currently heads up the M&G Prudential division, will steer that business through the demerger.
“The decision to demerge M&G Prudential follows a rigorous review by the board which considered all options, including the status quo, and concluded that it is in the best interest of the group to operate as two separately-listed companies, able to focus on their distinct strategic priorities in their chosen geographies,” Prudential’s chairman Paul Manduca said.
Separately, Prudential also announced that it plans to sell off a £12bn UK annuities book to Rothesay Life.