The biggest insurance company in the UK has confirmed that it will split itself up by the end of 2019. In the midst of reporting a jump in first-half operating profit, Prudential has stated that it expects to complete its demerger by year’s end.
This move will see the UK business, M&GPrudential, go its separate way from the rest of the group, creating a new FTSE 100 company with a market capitalisation of around £7 billion. The company has been inching its way towards the demerger since March of last year.
Chief executive Mike Wells said that the demerger would happen in the fourth quarter of 2019, and that “preparations are complete for Prudential plc’s move to group-wide supervision by the Hong Kong Insurance Authority.”
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