Asia Drives Profits as Prudential Prepares for Split in Late 2019

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Insurer Prudential is unlikely to split into two before late 2019, it said on Wednesday as growth in Asia helped it beat first-half profit forecasts, the International New York Times reported on a Reuters story. Britain's largest listed insurer said in March it planned to demerge M&G Prudential, its UK and Europe life insurance and asset management business, into a separate business with a London listing. The remaining Prudential business will focus on Asia and the United States. Other insurers and asset managers such as Old Mutual and Standard Life Aberdeen have also restructured their businesses as they grapple with increased regulatory requirements and competitive pressures. Bankers and analysts have speculated about further carve-ups of the group. Read more. (Subscription required.)