Prudential's 160-year-old association with the UK could end later this year as the insurer is believed to be working on radical plans to offload its British and American businesses.
The sales would raise more than £10bn which the insurer would use as part of its attempted $35.5bn (£23.2bn) takeover of Asian rival AIA, according to the Sunday Times.
A 1,000-page prospectus is due to be published by Prudential this week to support a £14bn rights issue to secure the deal - one of the biggest by a British company. Analysts believe the document will show there is no justification for Prudential to own the UK or US businesses.
It is believed the UK sale could be launched within weeks of the AIA deal being completed in the autumn while an auction of Pru's US arm, which trades as Jackson National Life, may come in about a year.
Prudential is not in talks with any party about a sale of either business, in spite of repeated overtures from Clive Cowdery's Resolution. When Resolution acquired Friends Provident in August 2009, Cowdery said he hoped to use the company as a platform for a string of further deals to consolidate the insurance industry.
Cowdery is believed to have lined up billions of pounds of financing to fund a potential bid for Prudential's UK assets.
According to reports, he has secured agreement from the Royal Bank of Scotland and the Royal Bank of Canada to provide the cash for a deal that could be worth £5bn.
Tidjane Thiam, Prudential's chief executive, had previously indicated he would retain the UK business to maintain the group's credit rating as the UK generates most of the Pru's free cashflow.
However, the Asian operations of the new group are thought to be generating about three times as much cash as Prudential's UK operations. The cashflow from Asia should secure the group's credit rating and strengthen its balance sheet without the need for support from the UK business, the Sunday Times reports.
Analysts are valuing the British business at around £4.5bn and the American arm at about £6.5bn.
The new shares being issued to support the deal are expected to be priced at a 40% discount to the existing shares, which closed on Friday at 579p.
Prudential is also launching share listings in Hong Kong and Singapore to attract investment from Asian investors.
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