U.K. Pru Aims to Sell Stake in Jackson to Investors
March 12, 2020 by Allison Bell
Prudential PLC says it wants to sell a minority stake in Jackson National Life Insurance Company to investors, to help get Jackson capital it can use to continue to diversify its product mix.
But Prudential executives are emphasizing that they will want to make the stock sale at the right time, to get a good price, and that they simply want to sell a minority stake in Jackson.
“We can change the timing,” Mike Wells, Prudential’s chief executive officer, said Wednesday, during a conference call with securities analysts that was streamed live on the web. “We’re not forced into doing this… It’s a very different circumstance that someone disposing of a business that’s not performing and needs capital.”
Prudential PLC is a London-based company that was founded in 1848. It has no connection with Prudential Financial Inc., which is based in Newark, New Jersey.