Demerger of Jackson Life announced:
https://www.investegate.co.uk/prudentia ... 34181925N/Prudential plc - Update on separation of Jackson
Prudential announces plan to separate Jackson in Q2 2021 through demerger; Steven A Kandarian appointed Jackson Non-Executive Chair
· Proposed demerger would accelerate Jackson separation and complete Prudential's transformation to focus exclusively on its high-growth Asia and Africa businesses
· Former MetLife CEO Steven A Kandarian to serve as Non-Executive Chair of Jackson, effective 1 February 2021
· Jackson RBC ratio expected to be 425-450 per cent at point of separation following recapitalisation from debt raising
· Prudential considering equity raise of around $2.5-3 billion to increase financial flexibility and take advantage of Asia growth opportunities
· 2020 operating performance expected to be in line with current market expectations
I think the Jackson shares will be issued to existing PRU shareholders and will be listed on the NY Stock Exchange.
The Board of Prudential plc ("Prudential" or "the Group") has decided to pursue the separation of its US business, Jackson Financial Inc. ("Jackson"), from the Group in the second quarter of 2021 through a demerger, whereby shares in Jackson would be distributed to Prudential shareholders.
I can see a sale of PRU coming up in my Income Portfolio as I'm not sure I want the complexities of a New York listed share. I'll wait and see the details and if there is a dealing service where the JXN shares can be sold immediately (like Vodafone did with Verizon).