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)