Prudential's $2 Bln Buyback Suggests More Returns Ahead -- Market Talk

Dow Jones06-24

0632 GMT - Prudential's new share buyback hints progress toward its financial targets to 2027 will increase the potential for more cash returns to shareholders, Citi says in a note after the insurer launched a $2 billion program to be completed by mid-2026. Given that sentiment has been weak recently, the market should react well to the news, analysts Alexander Evans and Michelle Ma write. The group intends to operate with a free surplus ratio of between 175% and 200%--compared with 242% in fiscal 2023--and Prudential will consider reinvesting or returning capital to shareholders if the ratio is above the range over the medium term, they say. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

June 24, 2024 02:33 ET (06:33 GMT)

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