TIDMPRU
RNS Number : 6962O
Prudential PLC
11 February 2021
10 February 2021
This announcement contains inside information
Prudential plc - Update on leadership of Jackson
Prudential plc ("Prudential" or "the Group") today announces a
new senior leadership team for its US business,
Jackson Financial Inc ("Jackson"), ahead of Jackson's planned separation from the Group.
Laura Prieskorn, previously Jackson's Executive Vice President
and Chief Operating Officer, has been appointed Chief Executive
Officer (CEO). In 31 years at Jackson, Laura has held broad-ranging
leadership roles. She was responsible for developing Jackson's
industry-leading operating platform, which combines low cost with
superior service for clients, advisers and distribution partners,
and has been a member of its Executive, Investment and Product
Committees. Marcia Wadsten, previously Senior Vice President and
Chief Actuary, has been appointed Chief Financial Officer (CFO).
Marcia has 29 years' experience at Jackson, and during her career
at the company has played a key role in product design, pricing and
risk management. Michael Falcon and Axel Andre have left their
respective roles as CEO and CFO, and Jackson. All management
changes are effective immediately.
These leadership team appointments are the outcome of a review
of Jackson's management needs as a well capitalised, independent
listed company seeking to create shareholder value, and follow the
announcement last month of an intention to pursue a separation
through a demerger, rather than a minority IPO. The review was
conducted by Jackson's current owners, Prudential and Athene, which
has an 11.1 per cent economic interest. Following the demerger, in
line with shareholder expectations, Jackson will pursue a focused
strategy which prioritises optimisation of costs, capital and cash,
as well as franchise value. Jackson's new leadership team have the
experience and skills to deliver successfully on these
objectives.
Consistent with our announcement on 28 January 2021, the
separation of Jackson from the Group is on track, with plans to
proceed with a demerger in the second quarter of 2021.
Mike Wells, Group Chief Executive of Prudential, said: "In
preparation for Jackson's debut as a public company, we are today
appointing an experienced leadership team who combine operational
excellence and deep knowledge of the US annuities market. Laura and
Marcia have both played important roles in Jackson's development
into one of America's leading annuity providers. They have the
skills needed to deliver on the company's objectives and create
value for shareholders. We thank Michael and Axel for their service
and we wish them well."
Marc Rowan, Co-Founder and Senior Managing Director of Apollo
Global Management Inc, Athene's strategic partner and largest
shareholder, said: "We believe that Jackson will generate
significant long-term value for shareholders, and we have been
working closely with Prudential in reviewing the business'
strategic priorities and management needs ahead of the planned
spin-off. We look forward to working with Laura, Marcia and the
team to help Jackson develop into a successful independent listed
company."
Laura Prieskorn, incoming Jackson CEO, said: "It is a huge
privilege to become CEO of an enterprise which I have helped to
grow from a modest regional firm to what it is today, an admired
leader in the American annuities market. Jackson has a clear sense
of purpose, a focused strategy and some of the best people in the
industry. The planned separation from Prudential is progressing
well and we remain on track to become an independent public company
by the end of the second quarter of the year. Following the
spin-off, Jackson will prioritise optimisation of costs, capital
and cash, as well as franchise value."
Steven A Kandarian, Jackson non-executive Chair, said: "I am
looking forward to working closely with Laura and Marcia, who have
the experience and expertise to develop Jackson into a successful,
independent listed business focused on delivering great outcomes
for all its stakeholders."
Contact:
Media Investors/Analysts
Jonathan Oliver +44 (0)20 3977 9500 Patrick Bowes +44 (0)20 3977 9702
Tom Willetts +44 (0)20 3977 9760 William Elderkin +44 (0)20 3977 9215
Notes to editors
Person responsible
The person responsible for arranging the release of this
announcement on behalf of Prudential plc is Tom Clarkson, Company
Secretary.
About Laura Prieskorn
As Executive Vice President and Chief Operating Officer, Laura
Prieskorn was responsible for leading Jackson's operations and
technology teams as well as the business integration efforts
directed at continuously supporting and improving the client,
adviser and distribution partner experience. Laura joined Jackson
in August of 1989, and during her career at the company has held a
variety of senior roles, including membership of the Executive,
Investment and Product Committees. She earned a bachelor's degree
from Central Michigan University in business administration.
About Marcia Wadsten
Marcia joined Jackson in 1991 as an actuarial student. During
her tenure, she gained responsibility for financial reporting and
corporate actuarial projections and was promoted to vice president
in 2010 before assuming the role of Senior Vice President and Chief
Actuary in June 2016. Marcia holds a bachelor's of science in
mathematics from Valparaiso University and a master's degree in
applied mathematics from Purdue University. She is a
Fellow of the Society of Actuaries and a member of the American
Academy of Actuaries.
About Jackson
Jackson is a leading provider of retirement products for
industry professionals and their clients. The company and its
affiliates offer variable, fixed and fixed index annuities designed
for tax-efficient growth and distribution of retirement income for
retail customers, as well as products for institutional investors.
Jackson is a proud founding member and co-chair of the Alliance for
Lifetime Income, a nonprofit 501(c)(6) organisation formed and
supported by 24 of the nation's financial services organisations to
create awareness and educate Americans about the importance of
protected lifetime income. With $296.6 billion in IFRS assets*, the
company prides itself on sound corporate risk management practices
and strategic technology initiatives. Focused on thought leadership
and education, Jackson provides industry insights and financial
representative training on retirement planning and alternative
investment strategies. The company is also dedicated to corporate
philanthropy and supports nonprofits focused on strengthening
families and creating economic opportunities in the communities
where its employees live and work. For more information, visit
www.jackson.com.
*Jackson has $296.6 billion in total IFRS assets and $265.7
billion in IFRS policy liabilities set aside to pay primarily
future policyowner benefits (as of June 30, 2020).
Jackson is an indirect subsidiary of Prudential plc.
About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps people get the most
out of life through life and health insurance, and retirement and
asset management solutions. Prudential plc has 20 million customers
and is listed on stock exchanges in London, Hong Kong, Singapore
and New York. Prudential plc is not affiliated in any manner with
Prudential Financial, Inc., a company whose principal place of
business is in the United States of America, nor with The
Prudential Assurance Company Limited, a subsidiary of M&G plc,
a company incorporated in the United Kingdom.
Forward-Looking Statements
This announcement may contain 'forward-looking statements' with
respect to certain of Prudential's plans and its goals and
expectations relating to its and Jackson's future financial
condition, performance, results, strategy and objectives.
Statements that are not historical facts, including statements
about Prudential's beliefs and expectations and including, without
limitation, statements containing the words 'may', 'will',
'should', 'continue', 'aims', 'estimates', 'projects', 'believes',
'intends', 'expects', 'plans', 'seeks' and 'anticipates', and words
of similar meaning, are forward-looking statements. These
statements are based on plans, estimates and projections as at the
time they are made, and therefore undue reliance should not be
placed on them. By their nature, all forward-looking statements
involve risk and uncertainty.
A number of important factors could cause Prudential's and
Jackson's actual future financial condition or performance or other
indicated results of the entity referred to in any forward-looking
statement to differ materially from those indicated in such
forward-looking statement. Such factors include, but are not
limited to, the ability to complete a potential demerger of
Jackson, or one of its related companies, or other strategic
options in relation to Jackson, or one of its related companies;
the impact of the current Covid-19 pandemic, including adverse
financial market and liquidity impacts, responses and actions taken
by regulators and supervisors, the impact to sales, claims and
assumptions and increased product lapses, disruption to
Prudential's operations (and those of its suppliers and partners),
risks associated with new sales processes and information security
risks; future market conditions, including fluctuations in interest
rates and exchange rates, the potential for a sustained
low-interest rate environment, and the impact of economic
uncertainty, asset valuation impacts from the transition to a
lower-carbon economy, derivative instruments not effectively
hedging exposures arising from product guarantees, inflation and
deflation and the performance of financial markets generally;
global political uncertainties, including the potential for
increased friction in cross-border trade and the exercise of
executive powers to restrict trade,
financial transactions, capital movements and/or investment; the
policies and actions of regulatory authorities, including, in
particular, the policies and actions of the Hong Kong Insurance
Authority, as Prudential's Group-wide supervisor, as well as new
government initiatives generally; given its designation as an
Internationally Active Insurance Group ("IAIG"), the impact on
Prudential of systemic risk and other group supervision policy
standards adopted by the International Association of Insurance
Supervisors; the impact of competition and fast-paced technological
change; the effect on Prudential's business and results from, in
particular, mortality and morbidity trends, lapse rates and policy
renewal rates; the physical impacts of climate change and global
health crises on Prudential's business and operations; the timing,
impact and other uncertainties of future acquisitions or
combinations within relevant industries; the impact of internal
transformation projects and other strategic actions failing to meet
their objectives; the effectiveness of reinsurance for Prudential's
businesses; the risk that Prudential's operational resilience (or
that of its suppliers and partners) may prove to be inadequate,
including in relation to operational disruption due to external
events; disruption to the availability, confidentiality or
integrity of Prudential's information technology, digital systems
and data (or those of its suppliers and partners); any ongoing
impact on Prudential of the demerger of M&G plc; the impact of
changes in capital, solvency standards, accounting standards or
relevant regulatory frameworks, and tax and other legislation and
regulations in the jurisdictions in which Prudential and its
affiliates operate; the impact of legal and regulatory actions,
investigations and disputes; and the impact of not adequately
responding to environmental, social and governance issues. These
and other important factors may, for example, result in changes to
assumptions used for determining results of operations or
re-estimations of reserves for future policy benefits. Further
discussion of these and other important factors that could cause
Prudential's actual future financial condition or performance or
other indicated results of the entity referred to in any
forward-looking statements to differ, possibly materially, from
those anticipated in Prudential's forward-looking statements can be
found under the 'Risk Factors' heading of its most recent Annual
Report and annual report on Form 20-F filed with the U.S.
Securities and Exchange Commission, as well as under the 'Risk
Factors' heading of its subsequent Half Year Financial Report.
Prudential's most recent Annual Report, Form 20-F and Half Year
Financial Report are available on its website at
www.prudentialplc.com.
Any forward-looking statements contained in this announcement
speak only as of the date on which they are made. Prudential
expressly disclaims any obligation to update any of the
forward-looking statements contained in this announcement or any
other forward-looking statements it may make, whether as a result
of future events, new information or otherwise except as required
pursuant to the UK Prospectus Rules, the UK Listing Rules, the UK
Disclosure and Transparency Rules, the Hong Kong Listing Rules, the
SGX-ST listing rules or other applicable laws and regulations.
Cautionary Statements
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or invitation to purchase, acquire, subscribe for, sell, dispose of
or issue, or any solicitation of any offer to purchase, acquire,
subscribe for, sell or dispose of, any securities in any
jurisdiction nor shall it (or any part of it) or the fact of its
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END
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