March 11, 2020 / 8:47 AM / a month ago

Prudential plans IPO of U.S. business as 2019 profits rise 20%

LONDON, March 11 (Reuters) - Britain’s largest insurer Prudential said on Wednesday it was planning an initial public offering of part of its U.S. business as it reported a 20% rise in adjusted operating profit to $5.3 billion.

Prudential is facing pressure from hedge fund Third Point to spin off the whole of the U.S. business Jackson.

The profit numbers came in ahead of a forecast $5.1 billion, according to a company-supplied consensus forecast.

Prudential said it would pay a second interim ordinary dividend of 25.97 cents per share and was monitoring the coronavirus outbreak.

Prudential’s main businesses are in Asia and the United States after it spun off its British unit last year.

Reporting by Carolyn Cohn, editing by Sinead Cruise

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