1057 GMT - Prudential PLC's announcement of a larger-than-expected buyback could be the first catalyst for a turnaround in the performance of its shares, JP Morgan Cazenove says in a note after the insurer launched a $2 billion program. "Prudential will never be a highyield stock; however, in recent quarters investors have started to question the quality of cash generation from its life business - we think this buyback will help to assuage these concerns," the analysts write. They also welcome its clearer capital management policy with the introduction of a free surplus ratio metric and its confidence in meeting its 2027 financial targets. Shares in London rise 6.5% to 752.8 pence and are down 15% year to date. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
June 24, 2024 06:59 ET (10:59 GMT)
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