The insurance giant Prudential has announced it will sell all of its $5bn US arm and cut its dividend payment, as the firm prepares to separate out its UK arm.

In a statement on 11 August the firm said that it planned to separate fully from Jackson, with its initial public offering set for the beginning of 2021. If the sale is unsuccessful, it will demerge the business to its existing investors. The planned break-up will give the firm more time to focus on its fast-growth Asia and Africa operations.