On a day when it declared solid annual results, UK insurance giant Prudential Plc managed to steal its own thunder with a huge announcement – namely its plans to demerge M&G Prudential from Prudential Plc and partially sell off its UK annuity portfolio.
The move will result in two separately listed companies that will each offer their own distinct investment products – according to a release, M&G Prudential will be an independent savings and investment provider based in London and led by chief executive John Foley, while Prudential Plc will continue as an international insurance group headquartered in London but focusing on growth opportunities across the US, Asia and Africa, under group chief executive Mike Wells.
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