Prudential to spin off US business amid profit plunge

Business | 11 Aug 2020 9:47 pm

Prudential (2378) said its net profit for the first half this year plunge by 73 percent from a year ago to US$534 million (HK$4.17 billion) and said it plans to spin off its US business Jackson to focus on Asia and Africa.

The British insurer declared an interim dividend of 5.37 US cents, representing one-third of the expected full-year dividend for 2020 under the group’s new dividend policy, it said.

Prudential recorded a new business value of US$353 million in Hong Kong during the first half this year, a 67 percent plunge from a year ago, with annual premium equivalent down 64 percent year-on-year to US$388 million, dragged down by the reduced visitor levels dut to travel restrictions between the mainland and Hong Kong, it said.

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