Prudential PLC's Faster, Larger Buyback Pleases The Market -- Market Talk

Dow Jones06-24

0809 GMT - Prudential PLC's fresh buyback to mid-2026 is positively surprising the market, UBS says in a note after the insurer launched a $2 billion program with a first tranche starting today. "We expected a $1.8 billion share buyback announcement at 1H24 results in August (...) therefore, the announcement is earlier and marginally greater than our expectations," analysts write. Management also updated its capital management policy, which indicates more excess capital could be returned to shareholders, they add. Analysts note this clearer framework is also contributing to the positive market reaction. Shares in London jump 6.2% to 751.2 pence, paring some year-to-date losses with the stock still down 15% since the start of the year. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

June 24, 2024 04:10 ET (08:10 GMT)

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Management also updated its capital management policy, which indicates more excess capital could be returned to shareholders, they add. Analysts note this clearer framework is also contributing to the positive market reaction. Shares in London jump 6.2% to 751.2 pence, paring some year-to-date losses with the stock still down 15% since the start of the year. 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