British financial services giant Prudential said today that it will split into two separate firms, in order to focus on strategic priorities in the various regions in which it operates.
The demerger will create M&G Prudential, a savings and investment provider for Britain and Europe, and Prudential plc, which will mostly focus on insurance in Asia, the United States and Africa, the company said in a statement.
No clear timetable was given for the move, which was revealed alongside the group's annual results.
"Prudential plc today announces its intention to demerge its UK & Europe business M&G Prudential from Prudential plc, resulting in two separately-listed companies with different investment characteristics and opportunities," it said in a statement.
"On completion of the demerger, shareholders will hold interests in both Prudential plc and M&G Prudential."
"Both are expected to meet the criteria for inclusion in the FTSE 100 index."
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