Insurance giant Prudential has announced a $2 billion share buyback program set to be completed by mid-2026, according to a recent statement released by the company. The first $700 million tranche of the buyback will be initiated, following an agreement with Goldman Sachs International. This move is a step forward in achieving Prudential's 2027 financial goals and will enhance the potential for additional cash returns to its shareholders.
Chief Executive Anil Wadhwani expressed confidence in the company's future, stating that the board anticipates an annual dividend increase of 7% to 9% for 2024 compared to the previous year. He further mentioned, "We have faith in our new business growth for FY2024 and in meeting our financial and strategic targets for 2027." Prudential's financial outlook seems promising, as evidenced by an 8% growth in annual operating profit reported in March, driven by robust policy sales in key markets across Asia and Africa.