Prudential to exit U.S. business as first half operating profit falls

LONDON (Reuters) – British insurer Prudential said on Tuesday it planned to spin off its U.S. business Jackson to focus on Asia and Africa, as its adjusted operating profit fell 3% in the first half.

A minority initial public offering of Jackson is planned for the first half of 2021, with “full divestment over time”, Prudential said in a statement.

Operating profit came in at $2.5 billion, above a forecast of $2.4 billion, according to a company-compiled consensus forecast.

(Reporting by Carolyn Cohn, editing by Sinead Cruise)