Shares in FTSE 100 insurance and financial services firm Prudential (LON:PRU) have risen by 2.76% to 1,266p (as of 12:40 BST) after posting its half-year results. While overall operating profits dropped by 3%, there was a strong performance in Asia where operating profits grew by 14%. Management have said that they intend to separate off the Jackson business to focus on high growth operations in Asia and Africa.
CEO Mike Wells commented: “The separation and divestment of Jackson would transform Prudential into a Group purely targeting the structural opportunities of Asia and Africa. Our differentiated product and geographic portfolio is well positioned to meet the health, protection and savings needs in these regions, where insurance penetration is low and demand for savings solutions is rapidly developing. The post-separation Group would focus on growth, with a view to achieving sustained double-digit growth in embedded value per share. This would be supported by growth rates of new business profit, which are expected to substantially exceed GDP growth in the markets in which the Group operates“.