Prudential (PUK) said Tuesday it plans to repurchase up to $1.2 billion of its shares by Dec. 18 as part of a previously outlined capital management program.
The program is expected to return more than $5 billion to shareholders from 2024 to 2027.
The buyback comprises $500 million of recurring capital returns and $700 million of net proceeds from the recently completed initial public offering of ICICI Prudential Asset Management.
Prudential said the balance of the net proceeds from the IPO will be returned to shareholders during 2027.
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