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Prudential unveils new $1.2bn share buyback
(Sharecast News) - Insurance and investment giant Prudential has announced the launch of a $1.2bn share buyback programme which it expects to complete by mid-December. The company said the purpose of the buyback is to reduce the issued share capital and return capital to shareholders, and is considered "to be in the best interests of the company and of its shareholders generally".
The repurchases form part of a previously announced $5bn buyback programme planned for 2024 to 2027, but now include returns from the net proceeds of December's IPO of Indian investment arm ICICI Prudential Asset Management Company, which raised $1.4bn.
Further proceeds of the IPAMC IPO will be returned to shareholders in 2027.
"I am pleased with the progress we are making in executing our strategy," said chief executive Anil Wadhwani.
"The significant growth opportunities ahead of us have not changed and we remain firmly focused on creating long-term shareholder value through high quality, sustainable growth, and consistent delivery of shareholder returns."
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