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Prudential Plc Completes Jackson National Demerger, Set to Sell Down Stake in Coming Year

The development means Jackson Financial Inc., a U.S. retirement services provider, is now an independent company.
  • Terrence Dopp
  • October 2021
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Prudential plc said it completed a planned spinoff of Jackson Financial Inc., and it plans to sell off much of its stake in the new company over the coming year. The development means Jackson, a U.S. retirement services provider, is now an independent company trading Class A common stock on the New York Stock Exchange under the ticker symbol JXN.

Laura Prieskorn, chief executive officer of Jackson, called the spinoff a key milestone. “As a leader in the U.S. retail annuity market, we are entering this new chapter on solid financial footing, with a focused strategy to drive growth and create value for our customers, associates and shareholders as a public company,” she said in a statement.

Prudential will retain an initial holding of 19.9% voting interest and a 19.7% economic interest in Jackson following the demerger. Prudential said it intends to sell down this initial holding within 12 months and expects to own less than 10% of Jackson's total combined voting power. Prudential's initial retained holding won't retain any special governance powers and will not retain any seats on the board of Jackson.

Mike Wells, group chief executive of Prudential, said the company's units are focused exclusively on providing life and health insurance and asset management in Asia and Africa following the demerger.

“Our businesses in Asia have leadership positions in their chosen segments, and we now operate in eight markets in Africa,” he said in the statement.

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