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Prudential first-half profit falls; to spin off US business

By BFN News | 10:05 AM | Tuesday 11 August, 2020

Insurance group Prudential said it was planning to spin off its Jackson business in the US, while also posting a fall in first-half profit. Pre-tax profit for the six months through June dropped to $729m, down from $1.44bn on-year, as gross written premium revenue slipped to $19.84bn, down from $21.08bn. Prudential cut its interim dividend to 5.37c per share, down from 20.29c on-year. The company said it intended to fully separate Jackson, commencing with a minority initial public offering planned for first half of 2021 and full divestment over time. Adjusted operating profit fell 3% to $2.54bn. 'We have delivered a resilient performance in the first half, despite a challenging new business sales environment, which is likely to persist for the rest of the year, and further falls in interest rates,' chief executive Mike Wells said. At 10:05am: (LON:PRU) Prudential PLC share price was +43.25p at 1275.25p Story provided by

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