SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of May, 2005
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-
Enclosure: Life of Georgia purchase
EMBARGO: 07.30 Thursday 19 May 2005
JACKSON NATIONAL LIFE COMPLETES PURCHASE OF LIFE OF GEORGIA
Jackson National Life Insurance Company ("JNL"), an indirect wholly-owned
subsidiary of Prudential plc, confirms today that it has completed the purchase
of Life Insurance Company of Georgia ("LOG") from ING Groep, NV. Details of the
purchase agreement were announced on 18 November 2004.
JNL paid GBP142 million in cash for the business, subject to any post-closing
adjustments under the terms of the stock purchase agreement.
- ENDS -
Enquiries to:
Media Investors/Analysts
Clare Staley 020 7548 3719 Marina Lee-Steere 020 7548 3511
Joanne Davidson 020 7548 3708
Jackson National Life
Tim Padot +1 517 702 2425
Notes to Editors:
1. As explained in the announcement of 18 November 2004, the purchase of LOG
adds scale to JNL's operating platform and expands its agency distribution.
As a result of the transaction, JNL has gained an additional 1.6 million
life policies, which doubles the total number of life insurance and annuity
policies in force.
2. The net increase in the purchase price principally reflects excess capital
remaining in the company since the initial transaction announcement
partially offset by a lower price for the business resulting from the 2005
earnings retained by the seller.
3. The purchase has been fully funded from JNL's internal resources and
maintains JNL's capital base.
Jackson National Life
Jackson National Life Insurance Company, headquartered in Lansing, Michigan, is
a leading life insurance company in the United States. With over $60 billion in
assets (US GAAP), JNL is an industry leader in the areas of fixed, fixed indexed
and variable annuities, and also sells life insurance and institutional
products. The company markets its products in 49 states and the District of
Columbia through independent insurance producers, financial institutions and
broker-dealers. In addition, JNL's subsidiary, Jackson National Life Insurance
Company of New York, similarly markets products in the state of New York.
As at December 31, 2004, JNL had $61.6 billion (US GAAP) in assets, $53.6
billion (US GAAP) in policy reserves and variable annuity liabilities, more than
$3.5 billion (US GAAP) in total revenue, and $630.5 million (US GAAP) in net
income.
Life Insurance Company of Georgia
Life Insurance Company of Georgia is headquartered in the United States in
Atlanta, Georgia. LOG has long been a well-established life insurance company in
Georgia, and currently operates in ten additional states in the southeastern
United States - Alabama, Arkansas, Florida, Kentucky, Louisiana, Mississippi,
North Carolina, South Carolina, Tennessee and Virginia.
As at December 31, 2004, LOG had $1.9 billion in statutory assets, $1.6 billion
in statutory policy reserves, $234.5 million in total statutory revenue, and
$8.2 million in statutory net income.
*Jackson National Life Insurance Company is a wholly-owned indirect subsidiary
of Prudential plc, a company incorporated and with its principal place of
business in the United Kingdom. Prudential plc and its affiliated companies
constitute one of the world's leading financial services groups. It provides
insurance and financial services directly and through its subsidiaries and
affiliates throughout the world. It has been in existence for over 150 years and
has GBP187 billion in assets under management, as at 31 December 2004.
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.
Forward-Looking Statements
This statement may contain certain "forward-looking statements" with respect to
certain of Prudential's plans and its current goals and expectations relating to
its future financial condition, performance, results, strategy and objectives.
Statements containing the words "believes", "intends", "expects", "plans",
"seeks" and "anticipates", and words of similar meaning, are forward-looking. By
their nature, all forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances which are beyond
Prudential's control including among other things, UK domestic and global
economic and business conditions, market related risks such as fluctuations in
interest rates and exchange rates, and the performance of financial markets
generally; the policies and actions of regulatory authorities, the impact of
competition, inflation, and deflation; experience in particular with regard to
mortality and morbidity trends, lapse rates and policy renewal rates; the
timing, impact and other uncertainties (i) associated with the integration of
LOG into JNL, and (ii) of future acquisitions or combinations within relevant
industries; and the impact of changes in capital, solvency or accounting
standards, and tax and other legislation and regulations in the jurisdictions in
which Prudential and its affiliates operate. This may for example result in
changes to assumptions used for determining results of operations or
re-estimations of reserves for future policy benefits. As a result, Prudential's
actual future financial condition, performance and results may differ materially
from the plans, goals, and expectations set forth in Prudential's
forward-looking statements. Prudential undertakes no obligation to update the
forward-looking statements contained in this statement or any other
forward-looking statements it may make.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date 19 May 2005
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Clare Staley
Clare Staley
Head of Group Media Relations