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Prudential accelerates buyback as 2024 profits jump 10%
(Sharecast News) - Prudential has hiked its dividend by 13% and accelerated its share buyback plan after profits rose by a tenth in 2024, with financial results in line with group guidance. The insurance and asset management company returned $785m to shareholders in 2024, and a further $260m since then, as part of its $2bn repurchase plan that will now complete by the end of 2025, ahead of the original mid-2026 schedule.
The second interim dividend was 16.29 cents per share, taking the total payout for the year to 23.13 cents, up from 20.47 cents paid out in 2023.
The firm reported an adjusted operating profit before tax of $3.13bn for 2024, up 10% on a constant exchange rate (CER) basis. New business profit was up 11% CER at $3.08bn.
Bancassurance new business profit was 31% higher than the previous year, as margins benefitted from a higher contribution to APE sales from Health and Protection products. Meanwhile, Health new business profit was up 11%, supported by new healthcare products, repricing initiatives and further training and enablement of the agency force, the company said.
Operating free surplus generated from in-force insurance and asset management business was down 4% CER at $2.64bn, but the company believes 2025 will be an inflection point for growth in this measure.
For 2025, Prudential also guided to more than 10% CER growth in new business profit, adjusted earnings per share and operating free surplus generated from in-force insurance and asset management business. It also expects its dividend to increase by "at least 10%".
"The long-term growth trends inherent in our Asia and Africa markets are reasserting themselves, creating significant opportunities for us," said chief executive Anil Wadhwani.
"Insurance penetration rates in Asia are low and there is continued, and growing, demand for long term savings and protection products across our markets, alongside a need for wealth management and retirement planning, particularly in our higher income Asian markets."
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