Prudential PLC said Thursday that it needs more time to separate from Jackson Holdings LLC — the leader in the U.S. individual deferred annuity market in 2020.
The London-based company reported that it now expects to complete a Jackson "demerger" transaction sometime between July 1 and Dec. 31, rather than by June 30, as it had predicted in March.
Prudential plans to implement the demerger by giving shares of Jackson stock to its own shareholders.
In an announcement on the Jackson separation, Prudential PLC Chief Executive Officer Mike Wells said the company has received approvals for the demerger from regulators in Michigan and New York state.
Prudential will need to file a Form 10 with the SEC to register Jackson's stock.
"Regulatory engagement on the review of the draft Form 10 continues," Wells said. "The Form 10 will now need to be updated to include Jackson's Q1 financial information.
Jackson is still on track to become a separate company, with its own stock listing, by the end of the year, Wells said.
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Prudential has been trying to shift its focus to sales of insurance and related financial services in Asia and Africa.
