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Prudential looking at more options for Jackson capital raise
24th Mar 2020 08:52
(Sharecast News) - UK insurer Prudential said it was actively looking at other options for its US unit Jackson along with plans for a minority public offering, as market turmoil continued due to the coronavirus outbreak.
The company on Tuesday said it continued to be "financially resilient" in the face of the pandemic which has hammered financial markets.
Earlier in March Prudential said it planned to float a minority stake in Jackson as activist investor Third Point to applied pressure to spin off the whole US business after splitting off its UK division in 2019.
Third Point, run by US investor Dan Loeb, has called on Prudential to sell Jackson to concentrate on fast-growing Asian markets. Investors have questioned the dual Asia-US strategy for some time but have warned against a rushed disposal of the $10bn US business.
The company on Tuesday said it continued to be "financially resilient" in the face of the pandemic which has hammered financial markets.
Earlier in March Prudential said it planned to float a minority stake in Jackson as activist investor Third Point to applied pressure to spin off the whole US business after splitting off its UK division in 2019.
Third Point, run by US investor Dan Loeb, has called on Prudential to sell Jackson to concentrate on fast-growing Asian markets. Investors have questioned the dual Asia-US strategy for some time but have warned against a rushed disposal of the $10bn US business.