Insurer Prudential saw its shares rose by more than 4% after it said it will separate M&G Prudential from the rest of the group, and sell part of its UK annuity portfolio for £12bn ($16.7bn). Group CEO Mike Wells said the split would allow M&G Prudential to focus on UK and European savings and retirement markets, while Prudential would concentrate on its business in the UK and Asia - which recorded double-digit growth in 2017. Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: "In an organisation as complex and diverse as Pru, a split makes sense. The move comes as a number of insurers are looking at selling their life insurance businesses or exiting them.
Insurer Prudential saw its shares rose by more than 4% after it said it will separate M&G Prudential from the rest of the group, and sell part of its UK annuity portfolio for £12bn ($16.7bn). Group CEO Mike Wells said the split would allow M&G Prudential to focus on UK and European savings and retirement markets, while Prudential would concentrate on its business in the UK and Asia - which recorded double-digit growth in 2017. The move comes as a number of insurers are looking at selling their life insurance businesses or exiting them.