Life insurer Prudential tumbles as it turns to Hong Kong investors in £2.1bn equity drive

© Provided by This Is Money MailOnline logo

Shares in Prudential fell after the life insurer announced plans to raise £2.1billion from investors in Hong Kong.

The stock, listed in both London and Hong Kong, slipped 8.4 per cent as it said it would sell new shares worth up to 5 per cent of the company. 

The massive equity raise, only open to Hong Kong investors, has sparked questions over Prudential’s commitment to the UK.

© Provided by This Is Money (

While its HQ is in London – a legacy of its British roots stretching back almost 200 years – it is now entirely focused on Asia, after spinning off its UK arm M&G and its US business Jackson.

Russ Mould, investment director at AJ Bell, said: ‘It could lay the groundwork for a dramatic break from the UK in the future.’

Activist hedge fund Third Point, headed by US billionaire Dan Loeb, campaigned last year for Prudential to end its 173-year presence in the UK but it has so far not done so. 

If it ditches its UK listing to focus on Hong Kong, it would be booted off the FTSE 100 index, making it uninvestable for funds which focus on the blue-chip index.

Abid Hussain, at broker Shore Capital, said: ‘I think it would be a mistake to delist from the FTSE 100, given the interest in the name from institutional investors here and across Europe and the US.’

Hussain pointed out that it made sense for the firm to spread out its investor base.

‘The placement of shares in Hong Kong is just another step in shifting the focus of the group to the growth markets in South East Asia,’ he said.

Mark FitzPatrick, Prudential’s chief operating officer, said: ‘We will continue to maintain a meaningful presence in London to support our most liquid primary listing and our capital markets relationships.’

Prudential’s future lies outside uk

The 173-year-old Prudential was a stalwart of the UK’s business scene but is now a fraction of its former size. 

It famously insured more than 320 victims of the Titanic, and was a household name during the 1960s when ‘Man from the Pru’ agents used to visit 6m homes. 

But it broke with its heritage after spinning off its UK operations in 2019 into M&G, which is listed separately on in London, and still offers some products under the Pru brand in Britain.

Jackson, Prudential’s US unit, has also been hived off. Its major business is now Prudential Corporation Asia based in Hong Kon

Internet Explorer Channel Network
News Related

OTHER NEWS

Nev: Man Utd lack identity | Carra: Better manager needed

What is holding Manchester United back? Gary Neville cites a lack of identity and style but Jamie Carragher thinks it’s Ole Gunnar Solskjaer. United’s 29-game unbeaten run away from home ... Read more »

Trudeau visits First Nation, apologizes for skipping invitation on National Day for Truth and Reconciliation

© Ben Nelms/CBC ‘I am here today to say I wish I had been here a few weeks ago, and I deeply regret it,’ said Prime Minister Justin Trudeau. Prime ... Read more »

Emma Watkins: How Covid lockdowns inspired star to quit The Wiggles

© Provided by Daily Mail MailOnline logo When entertainment industry figures say they’re quitting their job to ‘spend more time at home’, this usually means they’ve been pushed out. But ... Read more »

Harris makes the case for Biden's climate priorities in visit to rapidly draining Lake Mead

Vice President Kamala Harris on Monday made a forceful plea for Congress to pass both parts of President Joe Biden’s two-pronged economic agenda because of the climate components as she ... Read more »

Warner's horror run continues at T20 World Cup

David Warner’s run of outs has continued in Australia’s warm-up match against New Zealand at the T20 World Cup in Abu Dhabi. Fresh off a miserable IPL that saw him ... Read more »

Army instructor found guilty of sexual assault of female recruit as he gave first-aid demonstration to group

An army instructor who cupped the breast of a female recruit during a first-aid demonstration has been found guilty of sexual assault by a military court. The non-commissioned officer, who ... Read more »

NSW has 273 COVID-19 cases, four deaths

COVID-19 cases continue to decline in NSW, with 273 new cases and four more deaths. © Dean Lewins/AAP PHOTOS A Sydney Opera House display paid tribute to frontline workers and ... Read more »

Cyberattack forces NUI Galway to defer winter graduation ceremonies

NUI Galway is deferring its winter graduation ceremonies as the university continues to recover from a cyberattack which took place at the end of September. The news was confirmed to ... Read more »

Covid live: Latvia closes schools and venues as curfew introduced; UK situation ‘concerning', says expert

LIVE – Updated at 23:28 © Photograph: Maureen McLean/REX/Shutterstock The UK reported close to 50,000 new Covid cases on 18 OCtober. Latvia has closed schools, restaurants and entertainment venues for ... Read more »

CID Crime returns Rs 13.9 L to victims of cyber fraud

© Provided by The Indian Express The Cyber Crime Cell under the Gujarat Crime Investigation Department (CID) Crime and Railways returned Rs 13.95 lakh to cyber fraud victims in various ... Read more »

Toddler among 2 dead in Mehsana accident

© Provided by The Indian Express Two persons including a toddler died and six others were injured when the SUV, in which they were traveling, fell into a well in ... Read more »

SIT summons over 50 farmers in Kheri case, arrests 4 aides of minister's son

© Provided by The Times of India LUCKNOW: Over 50 farmers have been summoned by the Special Investigation Team (SIT) in connection with an FIR on the alleged lynching of ... Read more »

AAP appoints Gauri Desai chief of woman organisation

© Provided by The Indian Express The Aam Aadmi Party (Gujarat) has appointed party leader and real estate advisor Gauri Desai AAP Gujarat Pradesh Women Organisation president on Monday. “I ... Read more »

Biden's brain drain and other commentary

Colin Powell, former Joint Chiefs chairman and secretary of state, was battling cancer when he died. Douliery Olivier/ABACA USA/INSTA Culture watch: We’re the Divided States of America “Americans are so ... Read more »

Biden to spend this week working behind the scenes to press Democrats on his sweeping domestic agenda

President Joe Biden has few public events on his schedule this week as he works behind the scenes to secure an agreement on his domestic agenda amid deep divisions within ... Read more »

Where to Buy a Vacation Home in Hawaii: An Island-by-island Guide

Owning a home on a tropical island amid swaying palm trees, balmy breezes, and ocean views is a dream for many of us. Buyers of vacation homes in Hawaiʻi are ... Read more »

These Are the 10 Food Trends You're Going to See Everywhere in 2022, According to Whole Foods

Each year, over 50 global buyers and culinary experts on the Whole Foods Trend Council put together their most anticipated food trends for the next year. Last year’s trend predictions ... Read more »

Leo: Your finance horoscope - October 19

© Astrofame Leo Right now you could feel like taking a risk of some sort. You have always had a daring, experimental side. Maybe you will ask someone out on ... Read more »

Kanye West Officially Changes Name to Ye and Shares New Haircut

© Neil Mockford/GC Images It’s a new era for Kanye West. On Monday, the 44-year-old rapper’s request to officially change his name to Ye was granted by the Los Angeles ... Read more »

A Great Electric Fireplace Will Heat and Class Up Any Room in Your House

© Courtesy of Amazon An electric fireplace combines the warmth and visual splendor of a traditional fireplace with the convenience of a modern appliance. Visually, it’s a fireplace with flickering ... Read more »

Missionaries from central Ohio say violence is not new to Haiti

© Provided by WSYX – Columbus The abduction of 17 missionaries and their family members in Port Au Prince is bringing political strife from Haiti back home to Ohio. MORE ... Read more »

Apple Has Unveiled Another Round of Products — Here's What You Need to Know

A month after unveiling the iPhone 13 and iPhone 13 Pro, a duo of new iPads, and a new Apple Watch, Apple showcased even more new products during a virtual ... Read more »

Our Top 10 Chili Recipes of All Time

Creamy White Chili I got the best white chicken chili recipe from my sister-in-law, who made a big batch and served a crowd one night. It was a hit. It’s ... Read more »

Deal alert: Round-trip flights to Chicago as low as $89

© Provided by The Points Guy MSN has partnered with The Points Guy for our coverage of credit card products. MSN and The Points Guy may receive a commission from ... Read more »

Timothée Chalamet Updates Men Suiting With Zipper Details & Patent Leather Boots at ‘Dune' Premiere

© AP Timothee Chalamet Timothée Chalamet knows how to dress for the red carpet. At the premiere of “Dune” on Monday in London, the actor passed on a typical men’s ... Read more »

15 Great Hostess Gifts Under $50

© Condé Nast Traveler The holidays are full of gift-giving opportunities. There are, of course, Christmas and Hanukkah presents to buy and stocking stuffers to pick up—and then there are ... Read more »

FDA will allow people to get booster different than original vaccine

© Provided by Daily Mail MailOnline logo The U.S. Food and Drug Administration (FDA) will allow fully vaccinated Americans to ‘mix and match’ COVID-19 vaccines and booster shots. The federal ... Read more »

Sweet, Sour, Salty, Bitter, and Spicy Chivda Is Just the Most Perfect Snack

Diwali, one of the biggest festivals of the Hindu calendar year, celebrates the victory of good over evil and light over darkness. Over five days, we light many small oil ... Read more »

Trump sues to keep records on Capitol attack secret

© Eric BARADAT A majority of 57 senators voted to convict Donald Trump after he was impeached by the House for inciting the Capitol insurrection but this wasn’t enough to ... Read more »

This $5-billion Moon-themed Resort Is Coming to Las Vegas — Complete With an 'Active Lunar Colony' and Spaceship Nightclub

Space tourism is slowly becoming a reality with billionaires making seemingly regular visits to the stars and the world’s first space hotel planned to make its debut in 2027. Despite ... Read more »

'Our tigers will be ready,' says Pauw as Ireland's World Cup dream begins

© Brian Reilly-Troy INPHO Vera Pauw speaking to the media today. A NEW DAWN, a new day; the next chapter begins this week. Vera Pauw’s Republic of Ireland women’s national ... Read more »

30 Spooky and Stylish Halloween Nail Art Trends to Try This Year

Halloween-Nails From a bloody Dracula French mani to cobweb digits, here are 30 nail styles to celebrate fall’s most fun holiday. Spooky season is finally upon us. Whether you plan ... Read more »

Apple launches new MacBook Pros with M1 Pro and M1 Max chips

© BROOKS KRAFT Apple chief executive Tim Cook speaks during an online event unveiling new products at Apple Park in Cupertino. AFP Apple launched its latest MacBook Pro laptops – ... Read more »

‘I never dance, I fear it might be too beautiful': Jamali Maddix's honest playlist

The song that is my karaoke go-to I’ve only done karaoke once. I was in America, in the middle of nowhere, filming a TV show and staying in a really ... Read more »

Crane woman draws prison term in vehicle pursuit case

Oct. 18—MOUNT VERNON, Mo. — A woman from Crane has been sentenced to five years in prison for resisting arrest during a vehicle pursuit in which she was accused of ... Read more »