PUK - Prudential Plc's Jackson unit posts $2.8B in pretax operating income in 2020

Jackson, the U.S. unit of U.K.'s Prudential Plc (PUK), reports 2020 IFRS pretax operating income of $2.8B and total sales and deposits of $19.2B. Jackson’s separate account assets reached $219.1B, an increase of more than 12% from 2019.The unit remains on track to spin off from its parent by the end of Q2 2021, the company said.PUK rises 0.8% in premarket trading in New York.Laura Prieskorn was recently named Jackson's CEO and Marcia Wadsten was named its CFO."As we continue our path to separation, Jackson intends to pursue a focused strategy which prioritizes the optimization and stability of capital resources while protecting franchise value," Prieskorn said.Total adjusted capital was $5.3B as of Dec.31, 2020. Total IFRS assets of $326.5B,  increased 9.7% from year-end 2019. Jackson’s risk-based capital ratio as of Dec. 31, 2020 was 347%.

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Prudential Plc's Jackson unit posts $2.8B in pretax operating income in 2020