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Prudential to Buy Back $2 Billion Worth of Insurer’s Shares

Adam Haigh and Bernadette Toh
·1 分鐘文章

(Bloomberg) -- Prudential Plc launched a $2 billion share buyback program, as the insurer outlined progress that includes the potential for further shareholder returns.

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The buyback will be completed by mid-2026, with the pace and timing subject to market conditions, the company said in a statement Sunday. Shares repurchased under the plan are expected to be canceled.

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Prudential has been reaping the benefits from mainland Chinese travelers returning to Hong Kong after years of Covid-era movement restrictions. The insurer posted a 9% jump in new business profit in the first quarter, helped by sales of more lucrative products by its Hong Kong unit.

Shares of Prudential rose as much as 4.2% in Hong Kong trading on Monday morning. The stock is also listed in London, where it has dropped 20% this year.

“Progress towards our financial objectives will increase the potential for further cash returns to shareholders,” Chief Executive Officer Anil Wadhwani said in the statement.

The company said last year that it plans to more than double its new business profit — a gauge of the profitability of new insurance policies — by 2027.

Prudential joins AIA Group Ltd. in repurchasing shares. AIA in April added $2 billion to its buyback plan and posted a 27% increase in new business value, led by its Hong Kong and mainland China units.

Goldman Sachs Group Inc. will conduct the first $700 million part of Prudential’s buyback, which enables the purchase of ordinary shares from June 24 to no later than Dec. 27, according to a separate statement.

Corrects main photo in the online version of this story.

(Updates with shares in the fourth paragraph)

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