Prudential plc (LSE:PRU) said it will separate its U.S. financial services unit Jackson Financial Inc. in the second quarter of 2021 through a demerger that will allow an earlier separation than a previously considered partial initial public offering (IPO). The proposed demerger would allow Prudential to focus on its high-growth Asia and Africa businesses, the group said in a statement. Following the proposed separation, Jackson expects to list on the New York Stock Exchange using the ticker "JXN", Prudential said.

"Our priorities as a group remain, first, to ensure our investors fully benefit from the opportunities of Asia and, second, to pursue, at pace, a fully independent Jackson," Chief Executive Officer Mike Wells said in a statement. "The demerger we are announcing today will significantly accelerate Prudential's transformation into a business purely focused on profitable growth in Asia and Africa". "Any future equity raising by Prudential will allow us to capture even more fully the rapid growth in the health, protection and savings needs of people in our chosen markets," said Wells.

"The demerger, which is subject to shareholder and regulatory approval, would lead to a significantly earlier separation of Jackson from the group than would have been possible through a minority IPO and future sell-downs," Prudential said. "This accelerated process would complete Prudential's transformation into a group focused exclusively on the high-growth opportunities of Asia and Africa".