March 14, 2018 / 7:10 AM / a year ago

Prudential to spin off UK and European business in radical break-up

LONDON, March 14 (Reuters) - Britain’s Prudential said on Wednesday it would demerge its UK and Europe retirement and asset management business from its international insurance business, spinning off the division as part of a radical break-up of the 170-year old company.

The insurance giant said it planned to demerge M&G Prudential into a separate company with a premium listing on the London Stock Exchange. It also announced the sale of a 12 billion-pound UK annuities book to Rothesay Life.

“The decision to demerge M&G Prudential follows a rigorous review by the Board which considered all options, including the status quo, and concluded that it is in the best interest of the Group to operate as two separately-listed companies, able to focus on their distinct strategic priorities in their chosen geographies,” Paul Manduca, Chairman of Prudential, said in the statement.

​ (Reporting by Ben Martin, editing by Sinead Cruise)

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