|Bid||10.30 x 0|
|Ask||33.50 x 0|
|Day's range||22.50 - 22.50|
|52-week range||22.50 - 22.85|
|Beta (3Y monthly)||0.27|
|PE ratio (TTM)||19.57|
|Forward dividend & yield||0.64 (2.86%)|
|1y target est||14.00|
Britain's biggest insurer, Prudential, has transferred 36 billion pounds in customer assets to its new Luxembourg subsidiary ahead of Brexit, it said on Wednesday, as the company reported a six percent rise in operating profit. Insurers and banks have been shifting hundreds of billions of pounds in assets to European Union subsidiaries regardless of the form Brexit takes, reversing decades of European financial market integration and chipping away at the City of London’s dominance. British Prime Minister Theresa May suffered a second, heavy parliamentary defeat on the withdrawal deal she struck with the EU on Tuesday, leaving open the possibility of an abrupt, economically damaging Brexit without a transition arrangement.
Prudential chief executive Mike Wells says the company is “proceeding at pace” with plans to spin off its UK business M&G Prudential. It said that in preparation for the move it had reorganised its UK and Hong Kong businesses, sold a £12bn chunk of its annuity book to Rothesay and started the process of splitting the group’s debt. “We are making good progress,” said Mr Wells, adding that there were still a few steps to go including filling out the board of M&G Prudential, securing court approvals and finalising changes to the balance sheet.
The pay package of Richard Woolnough, one of Europe’s highest-earning investment managers and overseer of the UK’s biggest retail fund, faces extra scrutiny after a year of poor performance and recent outflows. Mr Woolnough manages M&G Prudential’s Optimal Income fund and is one of the few star managers left in the City of London. “Performance has been disappointing and below peers.
A loss in Prudential's individual life insurance business and lower operating income in its asset management unit were among the factors that drove the company's fourth-quarter performance. The No. 1 U.S. life insurer by assets reported adjusted operating income, which excludes realized gains and losses from investments, of $1 billion (£772 million), or $2.44 per share, compared with $1.2 billion, or $2.69 per share, in the year-ago quarter. Adjusted operating income for PGIM, Prudential's asset management arm, fell 20.6 percent to $243 million from $306 million a year earlier, the company said.
China's Union Life Insurance is planning to sell a controlling stake, and the deal could attract locals and foreigners looking to tap into the country's growing demand for insurance products, three people familiar with the matter said. Union Life, expected to be valued at $1.5 billion to $2 billion, plans to sell as much as 51 percent, with an option to raise that to 100 percent later, said the people, who declined to be named as the deal process is not public yet. AIA, the world's second-largest life insurer by market value, and the Asian unit of Prudential are among the foreign players likely to submit initial bids due over the next few weeks, the people added.
The Philadelphia-based company said it had net income of 22 cents per share. The bank holding company posted revenue of $10.4 million in the period. Its adjusted revenue was $6.4 million. Prudential Bancorp ...
HONG KONG, Jan 14, 2019 - (Media OutReach) - CITIC-Prudential Life Insurance Company Limited ("CITIC-Prudential") has received approval from the China Banking and Insurance Regulatory Commission ("CBIRC") to begin preparatory work for the establishment of a new branch in Shaanxi province -- the company's 20th branch in China. The expansion is part of CITIC-Prudential's commitment to extend its footprint in China and serve the protection and savings needs of millions of consumers in one of the country's most prominent regions. Nic Nicandrou, Chief Executive of Prudential Corporation Asia and Chairman of CITIC-Prudential, said: "China is central to Prudential's growth strategy and represents our third-largest growth market in Asia.
We are in desperate need to pay off the credit card for last month. The deadline to pay £5,000 has come and gone. We also have a cruise booked and paid for, which we are going on for five weeks.
HONG KONG, Jan 3, 2019 - (Media OutReach) - In Asia, billions of people are looking to progress in life -- with big dreams, energy and a work ethic to match. For consumers of today and tomorrow who are living life at full speed in a digital world, Prudential Corporation Asia is reinforcing its commitment with "Listening. Prudential is also launching a campaign called "We DO", designed to celebrate, acknowledge and centre around the drive and optimism of people who do and what the company can do for them.
HONG KONG, Dec 6, 2018 - (Media OutReach) - Prudential Corporation Asia (2378.HK) and Prudential Hong Kong have won top honours in this year's AsianInvestor's Institutional Excellence Awards. At the awards ceremony held in Singapore on 5 December, Prudential Corporation Asia was named the winner in the institutional category (Insurance) while Prudential Hong Kong attained the accolade in the market category (Hong Kong). In its fifth year, the Institutional Excellence Awards programme recognises the region's leading asset owners in terms of their investing prowess and excellence.
The Philadelphia-based company said it had profit of 27 cents per share. The bank holding company posted revenue of $10.1 million in the period. Its adjusted revenue was $6.7 million. For the year, the ...
Years of flattering fund reports from Prudential convinced David Mitchell, 69, that he was due a fair-sized pension. When it didn't materialise, he launched a decade-long campaign for answers in plain English. But experts say financial firms are still bamboozling consumers and putting them at risk.
HONG KONG/BEIJING, Nov 19 (Reuters) - China will accept applications early next year from foreign insurers seeking to take control of their local joint ventures and is even weighing giving them full ownership earlier than flagged, people with direct knowledge of the matter said. Britain's Prudential Plc and Canada's Sun Life Financial Inc are among insurers who expressed interest in recent months in owning more of their China operations. China has set an agenda to open up its financial sector and has already taken steps this year to relax foreign ownerships in securities ventures.
Prudential , Britain's largest insurer, said new business profit from its life insurance operations rose 17 percent in the first nine months of the year, driven by another robust performance in Asia. After a tough year for many asset managers, however, Prudential said its two fund management units, M&G Investments and Asia-focused Eastspring, had both posted net outflows of external client money. "A key positive in Prudential's trading update is a move up in Asian volume growth," said KBW analyst Greig Paterson in a note to clients, flagging an 'outperform' rating and 2,100 pence price target, although he called the outflows "disappointing".
The company said new business profit in Asia, where a burgeoning middle class has boosted demand for insurance, rose 15 percent to 1.76 billion pounds. The life insurer, which has a market value of around 42 billion pounds, is in the process of demerging that will see the UK and European insurance and asset management units of the 170-year-old company split off into a separate company. The planned demerger was on track, Prudential said in the business performance update ahead of an investor day event in Singapore.
China is committed to opening up its financial sector like it has indicated, but it will be on its own time, said Mike Wells, Prudential Group CEO on Tuesday.