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Prudential shares tumble on plan to raise up to $3 bln and demerge Jackson National

Shares of insurer Prudential plc fell 9% as it said it’s weighing an equity offering of between $2.5 billion to $3 billion to take advantage of Asian growth opportunities, as it also said it would separate off its Jackson National arm in the U.S. Prudential says it will keep a 19.9% stake in Jackson National, which it will sell off over time to support investment in Asia. The demerger of Jackson National in the second quarter will have the company traded on the New York Stock Exchange under the ticker symbol JXN, and the U.S. insurer will be led by Steven Kandarian, the former MetLife CEO.
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