Amicable split: Prudential Brexit split only partly reveals value CGAThompson
Prudential will spin off its UK and European insurance and asset management business M&G in October, Britain's largest insurer said in a prospectus published on Sept. 25.
Prudential announced the plan to hive off its UK arm last year to focus on its Asia business. The split will allow M&G to expand globally, M&G Chief Executive John Foley told Reuters. "We are going to scale up operations at pace in Europe," Foley said, adding that the company would also look to grow in Asia and the United States.M&G is targeting cash generation of 2.2 billion pounds over three years and dividends will be stable or increase in absolute terms over time, it said in a separate prospectus.
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