MW Multinational insurer Prudential PLC announces $2 billion stock buyback
By Mike Murphy
Prudential PLC announced a $2 billion share-repurchase program Sunday, starting with a $700 million tranche.
In a statement Sunday, the multinational life and health insurer (UK:PRU) $(PUK)$ (HK:2378), which is headquartered in London and Hong Kong, said it plans the $2 billion buyback to be completed no later than mid-2026.
"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," Chief Executive Anil Wadhwani said in a statement. "The significant growth opportunity ahead of us has not changed and we remain focused on realizing that opportunity."
"Progress towards our financial objectives will increase the potential for further cash returns to shareholders," Wadhwani said, adding that Prudential's dividend policy remained unchanged, and the company expects 2024 annual dividend growth in the range of 7% to 9%.
In a separate statement, Prudential it has entered an agreement with Goldman Sachs International to conduct the $700 million buyback.
The repurchases will be made on the London Stock Exchange and other venues, and Prudential said it will continue to work to neutralize the dilutive effects of the buyback on the Hong Kong Stock Exchange.
Prudential PLC is not affiliated with U.S.-based Prudential Financial Inc.
-Mike Murphy
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(END) Dow Jones Newswires
June 23, 2024 17:49 ET (21:49 GMT)
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