PUK - U.K.'s Prudential Plc to spin off Jackson Financial unit

Prudential Plc ([[PUK]] -6.8%) plans to fully separate Jackson Financial through a spin off in Q2 2021 that distributes shares in Jackson to PUK shareholders.At the time of the spinoff, PUK plans to retain a 19.9% interest in Jackson, which it will fully divest over time.Expects to list Jackson on the NYSE under the ticker "JXN".Jackson is revising its hedge modeling for U.S. statutory standards for calculating reserves and capital from Dec. 31, 2020, which is estimated to reduce Jackson's risk-based capital ("RBC") ratio by ~80 percentage points.Allowing for this change and others H2 2020 items, Jackson's RBC ratio at Dec. 31, 2020 is estimated to be ~340%-355%.At the time of the spinoff, Jackson expects to have an RBC ratio in the range of 425%-450% and total financial leverage of 25%-30%.PUK also named Steven A. Kandarian, former MetLife CEO, to be executive chair of Jackson's board as of Feb. 1,

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U.K.'s Prudential Plc to spin off Jackson Financial unit