Insurer Prudential (PRU) led the index, up 5.7% at £19.30 on its plans to hive off its recently formed United Kingdom and European M&G Prudential group into a separate London-listed FTSE 100 business.
'There is also the value release potential from the exit of £34bn of United Kingdom annuity assets to consider, with redeployment possibly leading to an additional 5% value release over time'.
"This will enable it to play a greater role in developing the savings and retirement markets in the United Kingdom and Europe through two of the financial sector's most trusted brands, while Prudential plc will be able to focus on the attractive returns and growth potential of its market-leading businesses in Asia and the USA", he explained.
Commenting on the results, Mike Wells, Group Chief Executive, said, "Our clear, consistent strategy, high-quality products and constantly improving capabilities have enabled us to deliver excellent progress across the Group, led by double-digit growth in our Asia business".
Prudential said on Wednesday it is splitting off its savings and investment-focused business M&G Prudential, which will be headquartered in London.
M&G Prudential will be led by its current chief executive John Foley and will continue its drive to become a more capital-efficient and customer-focused business, targeting growing demand for comprehensive financial solutions. This news also follows the decision to sell off £12 billion of its United Kingdom annuities book to Rothesay Life.
The transition to a Part VII transfer will see all of the underlying assets and policy liabilities transferred to Rothesay Life, subject to regulatory and court approval. The separation of the United Kingdom and European unit will enable each business to hone in on specific strategic objectives. Prudential's shares are changing hands 5.97 percent higher at 1,934.55p.
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