(Reuters) – Insurance group Prudential is planning a $2 billion share repurchase program that will be completed no later than mid-2026, the company said in a statement on Sunday.
The life and health insurance company will launch the first tranche of a $700 million buyback, for which it has entered into an agreement with Goldman Sachs International, it said in a separate statement.
The share buyback marks progress towards the dual-listed London and Hong Kong company’s financial targets for 2027 and will increase the potential for further cash returns to shareholders, the company said.
In a statement, CEO Anil Wadhwani said Pru’s board continues to expect its 2024 annual dividend to rise 7% to 9% from a year earlier, adding: “We are confident in the growth of our new business in fiscal 2024.” year and in achieving our goals.” Financial and strategic goals for 2027.”
In March, Pru reported an 8% rise in annual operating profit as policy sales in key markets in Asia and Africa contributed to revenue growth.