StockMarketWire.com - 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 StockMarketWire.com