(RTTNews) - Prudential plc (PRU.L, PUK) announced business and Jackson demerger update in advance of its Annual General Meeting. Prudential now expects Jackson's demerger to complete in second half of 2021.
Mike Wells, Group Chief Executive of Prudential, said, "At the point of the proposed separation and subject to market conditions, Jackson National Life continues to expect to have an RBC ratio in excess of 450 per cent, after giving effect to the debt expected to be drawn down prior to demerger."
The company also announced that first quarter Asia and Africa APE sales rose 14 percent to $1.193 billion and new business profit improved 21 percent to $624 million.
This growth was despite lower sales in Hong Kong, where ongoing restrictions continue to severely limit cross-border business from Mainland China. Excluding Hong Kong, firat quarter APE sales were up 35 percent and new business profit was up 64 percent.
Prudential plans to announce its half-year results on August 11, 2021. In these results, Jackson will be recorded as a discontinued business activity.
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