Prudential, the UK-headquartered insurer that is preparing to float Jackson, its US arm, said the listing might be dispensed with due to the coronavirus fears sweeping through markets.

In a market statement on 24 March, group chief executive Mike Wells said the company still wanted to bring outside capital into Jackson, but the volatile conditions of the past few weeks, with the S&P 500 down 22% since 1 March, have led the board to reconsider its first preference for a stock-market flotation.