Prudential announces plans to list US unit Jackson National Life

Singapore

PRUDENTIAL has unveiled plans to list its US unit Jackson National Life, two weeks after billionaire activist hedge fund manager Daniel Loeb called on the board of the giant insurance group to separate its Asian and US businesses.

Prudential completed the spin-off of its UK and European insurance and asset management businesses under a separately listed entity called M&G in October. Mr Loeb, whose firm Third Point has amassed a nearly 5 per cent stake in Prudential, is betting that another demerger exercise would surface the value of the group's remaining units, particularly its fast-growing Asian unit, Prudential Corp Asia.