UK $26 Billion Insurer Prudential Announced $2 Billion Share Buyback Over 2 Years Till Mid-2026, Prudential is Dual-Listed on Hong Kong Stock Exchange & London Stock Exchange, Secondary Listing on Singapore Stock Exchange & American Depositary Receipts Listing on New York Stock Exchange
26th June 2024 | Hong Kong
UK insurer Prudential (26/6/24: $26 billion market value) has announced a $2 billion share buyback over 2 years till mid-2026. Prudential is dual-listed on Hong Kong Stock Exchange (HKEX) & London Stock Exchange (LSE), a secondary listing on Singapore Exchange (SGX) & American Depositary Receipts (ADRs) listing on New York Stock Exchange (NYSE). Prudential CEO Anil Wadhwani: “I am pleased with the progress we continue to make in executing our strategy, as we drive towards generating growth in both value and cash returns for shareholders over the long term. The significant growth opportunity ahead of us has not changed and we remain focused on realising that opportunity. With our strong capital base, strategic progress and the recent clarification of the rating agencies’ treatment of the IFRS17 CSM, we can now provide a capital management update. We will continue to prioritise investment in organic new business at attractive returns and in enhancing our capabilities as we execute our strategy. We will pursue selective partnership opportunities to accelerate growth in our key markets. Investment decisions will be judged against the alternative of returning surplus capital to shareholders. Consistent with our capital allocation framework, we are today announcing a US$2 billion share buyback programme to return capital to shareholders. The buyback will be completed by no later than mid 2026. Progress towards our financial objectives will increase the potential for further cash returns to shareholders. Our dividend policy remains unchanged, with the Board continuing to expect the 2024 annual dividend to grow in the range of 7-9 per cent. Our outperformance in H1 2023 when the border between Hong Kong and the Chinese Mainland reopened results in a strong comparator for H1 2024. Q2 2024 APE sales trends are similar to those in Q1 2024. Given our focus on quality growth in both value and cash and on account of the progress on execution of our strategy, we have confidence in our FY2024 new business growth and in achieving our 2027 financial and strategic objectives.”
“ UK $26 Billion Insurer Prudential Announced $2 Billion Share Buyback Over 2 Years Till Mid-2026, Prudential is Dual-Listed on Hong Kong Stock Exchange & London Stock Exchange, Secondary Listing on Singapore Stock Exchange & American Depositary Receipts Listing on New York Stock Exchange “
Prudential – Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme.
Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
UK $26 Billion Insurer Prudential Announced $2 Billion Share Buyback Over 2 Years Till Mid-2026, Prudential is Dual-Listed on Hong Kong Stock Exchange & London Stock Exchange, Secondary Listing on Singapore Stock Exchange & American Depositary Receipts Listing on New York Stock Exchange
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