Bloomberg News

LONDON - Prudential PLC, Britain's second-largest insurer, said Monday that Robert Saltzman, the top executive of its two U.S. businesses, will leave the company at yearend.

Mr. Saltzman, 58, has been expected to step down since March, when the insurer agreed to acquire American General Corp. of Houston. As part of that transaction, which was terminated, he was expected to relinquish his roles at Jackson National Life Insurance Co. and Prudential Portfolio Managers America, the company said.

Clark Manning, the 42-year-old chief operating officer of Jackson National, will succeed Mr. Saltzman as acting chief executive of both units at the end of the month, Prudential PLC said. Mr. Manning joined Jackson National in 1995 from SunAmerica Inc.

Geraldine Davies, a Prudential PLC spokeswoman, said Mr. Saltzman decided to leave the insurer after talking with chief executive Jonathan Bloomer.

Last year Jackson National reported operating earnings of $685 million, excluding investment gains and losses.

"Bob Saltzman has played a significant role in the development of Jackson since he joined the group in 1994," Mr. Bloomer said in a prepared press statement.

Prudential PLC collected a $600 million breakup fee last month after American General accepted a $23 billion offer from American International Group Inc. that exceeded the U.K. insurer's $20.9 billion bid.

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