HONG KONG -- Prudential PLC said on Wednesday it planned a partial public offering of its U.S. business, falling short of the full separation from its remaining Asian unit that an activist investor has demanded.
The 172-year-old insurer said its U.S. business needs additional capital, and that the U.S. unit will sell a minority stake through an initial public offering as it revealed a 20% rise in full-year operating profit of $5.31 billion. However, the company said the current coronavirus outbreak has dampened sales momentum in Hong Kong and China, which will hurt new business profit in the two markets.
