Britain's Prudential is to spin-off its UK and European division from its international businesses as part of a radical break-up of the 170-year-old company.
The FTSE 100 insurance giant said on Wednesday that it planned to demerge M&G Prudential into a separate company with a premium listing on the London Stock Exchange and based in the UK capital.
The split will leave Prudential as a company focused on Asia, the United States and Africa. It will remain headquartered and listed in London and led by present chief executive Mike Wells. John Foley, who currently heads up the M&G Prudential division, will steer that business through the demerger.