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Prudential plans up to $3bn equity raising following US demerger

By BFN News | 09:04 AM | Wednesday 03 March, 2021


Insurance company Prudential said it was considering an equity raising of between $2.5 billion and $3 billion following the planned demerger of its US assets later in the year. Prudential, which also reported a rise in annual profit, was expecting to complete the Jackson demerger in the second quarter of 2021, narrowing its focus to growth businesses in Asia and Africa. The capital raising would 'enhance financial flexibility and de-lever the balance sheet', the company said. Its pre-tax profit from continuing operations for the year through December increased to $2.15 billion, up from $1.92 billion year-on-year. On a bottom-line basis, net profit jumped to $2.19 billion, up from $792 million, after the previous year's result was hit by a $1.16 billion loss from discontinued UK operations. Asia adjusted operating profit climbed 13% to $3.7 billion. Prudential declared a second interim ordinary dividend of 10.73c per share, making 16.10c for the full year. At 9:04am: (LON:PRU) Prudential PLC share price was 0p at 1249p Story provided by StockMarketWire.com

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