not vested
Prudential loses on demerger planPrudential (2378) recorded a first-half net loss of US$4.64 billion (HK$36.2 billion) after the
write-down of its US business Jackson Financial to estimated fair value.
That compared to a net profit of US$534 million over the same period last year.
Basic earnings per share were 154.2 US cents. The insurance company declared an interim dividend of 5.37 US cents.
Adjusted
operating profit rose 22.16 percent year on year to US$1.57 billion on an actual exchange rate basis.
Life new business profit from continuing operations jumped 28.95 percent.
Annual premium equivalent sales from Asia and Africa increased by 17 percent, while new business profit was up 25 percent.
In Hong Kong, APE sales were 35 percent lower and new business profit was 13 percent below the earlier period. Health and protection business represented 28 percent of APE sales.
The firm continued to work on the separation of Jackson and planned to complete the
demerger in September, which allows the completion of Prudential's strategic transformation.
The group will focus exclusively on its higher-growth and higher risk-adjusted return businesses in Asia and Africa, making it one of the largest Asia and Africa-focused life insurance and asset management businesses.
Following the completion of the Jackson de-merger, the group is eyeing raising new equity of about US$2.5 billion to $3 billion to enhance financial flexibility and delever the balance sheet.
Source: The Standard
https://www.thestandard.com.hk/section- ... erger-plan
It's all about "how much you made when you were right" & "how little you lost when you were wrong"