British insurer Prudential plc (LSE:PRU) said on August 11, 2020 it planned to spin off its US business Jackson National Life Insurance Company to focus on Asia and Africa, as its adjusted operating profit fell 3% in the first half. A minority initial public offering of Jackson is planned for the first half of 2021, with “full divestment over time”, Prudential said in a statement. Reuters reported earlier this year that Prudential was considering a divestment of Jackson. “The separation and divestment of Jackson would transform Prudential into a Group purely targeting the structural opportunities of Asia and Africa,” Prudential Chief executive Officer Mike Wells, a former boss of Jackson, said. Prudential said it was introducing a new dividend policy, aligned to growth in the Asia and Africa businesses.