'Prudential Announces $2 Billion Stock Buyback Plan to Enhance Shareholder Value'
Money | June 23, 2024, 8:44 p.m.
Prudential, the insurance group, has announced a $2 billion share buyback programme set to be completed by mid-2026. The company will start with a $700 million tranche through an arrangement with Goldman Sachs International. This buyback supports Prudential's financial objectives for 2027 and aims to increase cash returns to shareholders. CEO Anil Wadhwani stated confidence in meeting FY2024 goals, including a 7-9% increase in the annual dividend. In March, Prudential reported an 8% rise in annual operating profit, driven by increased policy sales in key markets such as Asia and Africa. This strategic move demonstrates Prudential's commitment to delivering value to shareholders while achieving its long-term financial and strategic objectives.