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Prudential continues to 'actively evaluate' options for listing of US unit amid Covid-19
PRUDENTIAL announced on Tuesday that in light of the "continued turmoil" in public equity markets on the back of the Covid-19 pandemic, it is ensuring that alongside preparations for a minority initial public offering, it will "actively evaluate" other options in relation to its US unit Jackson National Life.
It had unveiled plans to list Jackson 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.
Plans to list Jackson was revealed in conjunction with the release of its results for FY2019 ended December, which underscored the strong growth potential of its Asia business.
In regulatory update, group chief executive of Prudential Mike Wells said that the business continues to be "financially resilient". He cited pursuing a path for an independent Jackson as one of its strategic priorities.
This will be done 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".
Prudential shares closed flat at US$18.70 on Tuesday.