By Ian Walker

 

Prudential PLC said Wednesday that it is considering an equity raising of $2.5 billion to $3 billion once the demerger of its U.S. business has completed, as it reported a 9.3% rise in net profit for 2020.

The insurance-and-investment business said any equity raising will be through a global offering to institutional and Hong Kong retail investors.

Prudential expects to complete the demerger of Jackson Financial Inc. in the second quarter of this year. The company previously said it plans to spin off the U.S. business in the second quarter of this year and list it on the New York Stock Exchange.

Prudential made an IFRS net profit from continuing operations of $2.12 billion for the year compared with $1.94 billion in 2019.

Adjusted operating profit--one of the company's preferred metrics which strips out exceptional and other one-off items--was $5.51 billion compared with $5.31 billion.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

March 03, 2021 04:07 ET (09:07 GMT)

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