Prudential said on Wednesday that it is preparing for a minority initial public offering of its US arm, Jackson, and warned on its sales in Hong Kong and China due to the coronavirus outbreak.

Chair Paul Manduca said the company has been considering for the past nine months the best way to introduce a third party to finance Jackson National Life Insurance Company and has come to the conclusion that the best way to do it is “to seek a listing of Jackson in the US in due course, subject to market conditions.”