|Bid||1,168.50 x 0|
|Ask||1,170.00 x 0|
|Day's range||1,157.95 - 1,188.50|
|52-week range||12.37 - 1,795.00|
|Beta (5Y monthly)||1.07|
|PE ratio (TTM)||9.47|
|Earnings date||11 Aug 2020|
|Forward dividend & yield||0.37 (3.39%)|
|Ex-dividend date||26 Mar 2020|
|1y target est||2,079.18|
Shares in Prudential fell on Thursday as the coronavirus pandemic hit its Asia sales and it warned of challenging times ahead, while sources told Reuters the insurer's U.S. unit was for sale. Prudential's main businesses are in Asia and the United States after it spun off its British unit last year. Asian annual premium equivalent sales fell 24% in the first quarter to $986 million, with a 50% drop in Hong Kong and 19% in China, although Prudential said there were signs the sales environment was beginning to normalise in China.
HSBC Holdings PLC said on Monday its insurance unit had agreed to acquire its China life insurance venture partner's 50% stake to own fully the company under the new rules on foreign ownership that came into effect in January. The move will allow London-headquartered HSBC, which gets the bulk of its revenue from Asia, to further expand its footprint in the world's second-largest economy, where it has deployed billions of dollars as part its Asia "pivot" strategy. The transaction to buy the stake in HSBC Life Insurance Co Ltd (HSBC Life China) from joint venture partner the National Trust Ltd will be structured as a transfer of equity interest and is subject to regulatory approvals, the lender said.
Prudential <PRU.L> said on Thursday it would cut salaries and pensions earned by its executive directors in 2020, while its chief financial officer would also see his bonus curbed in view of the Covid-19 pandemic. The British insurer is the latest in a series of financial firms to unveil similar reductions in executive compensation in a gesture of support to customers struck hard by the coronavirus lockdown. Prudential said pension benefits would fall from 25% to 13% of salary from mid-May but did not give details on how salaries would fall.
China plans to make it easier for foreign life insurers to make controlling acquisitions and large equity investments in domestic peers, five people with knowledge of the matter said, as the country pushes ahead in opening up its financial sector. The plan being drafted by the sector regulator is also part of Beijing's efforts to bolster the capital levels of small and mid-sized local players, sources said, amid concerns about the impact of the new coronavirus pandemic on their financial foundations. The new rules for the world's third-largest insurance market after the United States and Japan - worth about $318 billion in premiums according to a Swiss Re Institute report - are likely to be finalised in the second half of the year, sources said.
Under the agreement, the transition period begins April 1, with the remaining term of FWD's bancassurance contract entirely transferred to Prudential Thailand on Dec. 31, 2020. In mid-2017, FWD and TMB Bank renewed the arrangement to sell the FWD product to the Thai bank's distribution network for 15 years.
Britain said on Wednesday it plans to fully implement globally-agreed bank capital rules that were a response to the financial crisis a decade ago. Tougher Basel capital rules were devised by global financial regulators to prevent a repeat of the 2008 crisis when taxpayers had to bail out undercapitalised banks. Much of the package has been implemented but some remaining elements will come into force over the next few years and European banks have been lobbying to water some of them down.
Jackson National Life Insurance Company® (Jackson®) today announced its full-year financial results, generating $3 billion in IFRS pre-tax operating income2 in 2019, an increase of 22 percent over 2018 and the highest in company history. Jackson also reported $22.2 billion in total sales and deposits, noting significant growth in fixed and fixed index annuity sales.
LONDON/HONG KONG (Reuters) - Prudential <PRU.L> plans to float a minority stake in its U.S. business, Britain's largest insurer said on Wednesday, as it faces demands from rebel investor Third Point for a full break-up. The U.S. hedge fund last month said it had bought around 5% of the company and called on Prudential to hive off its U.S. business Jackson and cut its London head office, proposals with which investors have sympathy. Prudential's main businesses are in Asia and the United States after it spun off its British unit last year.
Britain's largest insurer Prudential said on Wednesday it was planning an initial public offering of part of its U.S. business as it reported a 20% rise in adjusted operating profit to $5.3 billion. Prudential is facing pressure from hedge fund Third Point to spin off the whole of the U.S. business Jackson. Prudential said it would pay a second interim ordinary dividend of 25.97 cents per share and was monitoring the coronavirus outbreak.
Jackson National Life Insurance Company® (Jackson®) was recognized with four awards from Service Quality Measurement Group, Inc. (SQM)1 for excellence in contact center service in 2019. For the first time, Jackson was awarded SQM’s top honor — Contact Center of the Year — for earning the highest combined ratings for customer and employee experience among a field of leading call centers from across North America.
Shareholders in Prudential Plc <PRU.L> have given their blessing to a bid by activist investor Third Point to carve up Britain’s largest insurer but advise against a hasty sale of its U.S business. Third Point, the $14 billion hedge fund run by investor Dan Loeb, on Monday amassed a $2 billion-plus stake in the 170-year-old life insurer and called on management to separate its Asian and U.S. businesses. Investors and analysts say the idea of selling the U.S. business, Jackson, is not revolutionary and echoes requests by long-term investors, given the lack of synergies between it and Prudential's faster-growing Asian unit.
US hedge fund calls for Prudential breakup as it takes near-$2bn stake. Third Point, led by billionaire Daniel Loeb, says insurer should separate into two firms
Third Point's demands, first reported by Reuters earlier on Monday, could lead to a major shake-up at Prudential, only a few months after it spun out its European insurance and asset management businesses into a new company called M&G Plc <MNG.L>. Third Point, which specializes in shareholder activism and is run by Daniel Loeb, wrote to the 332-year old London-based company on Monday to ask it to separate its Asian and U.S. businesses. The New York-based hedge fund said Prudential's stock would benefit if it stopped running its crown jewel Asia business and its U.S. business, Jackson National Life, out of one holding company in Britain.
Prudential is in talks that could lead to it taking full control of its 50:50 joint venture with China's CITIC and is considering selling some or all of its U.S. business to sharpen its focus on Asia, a source told Reuters. Changes in January to foreign ownership laws in China have made it possible for the first time for the British life insurer to own all of its CITIC joint venture, a landmark transaction which the source said Prudential was working towards.
British insurer Prudential <PRU.L> on Thursday named Shriti Vadera, a possible former contender to replace Mark Carney as governor of the Bank of England, as an eventual successor to Chairman Paul Manduca. Vadera, currently chairwoman of Santander UK Group <SAN.MC> and senior independent director at mining giant BHP Group <BHP.AX> <BHP.L>, will join Prudential on May 1 as a non-executive director before replacing Manduca on Jan. 1, 2021, Prudential said in a statement. Vadera was touted as one of several candidates for the Bank of England's top job, which will now be taken by Andrew Bailey, former head of Britain's Financial Conduct Authority.
An insurance company has agreed to pay $20.5 million to settle claims that it discriminated against black and female employees in Denver and Nashville, Tennessee. A complaint filed by the U.S. Equal Employment Opportunity Commission claimed black employees at Jackson National Life Insurance were passed over for promotions and were paid less than their white counterparts, The Denver Post reported Thursday. The company also must train employees on discrimination, harassment and retaliation.
The ban impacts the Prudential M&G Property Portfolio Fund, a fund fully invested in M&G's Property Portfolio which was suspended on Dec. 4, an M&G spokesman said in an emailed statement on Saturday. M&G suspended dealing in its flagship UK property fund on Wednesday, blaming Brexit uncertainty and weakness in the retail sector for a surge in investor requests to cash out. "Due to our change in strategy as well as economic and political uncertainty, the cloud hanging over traditional retail, we actively took the decision to reduce our exposure in our funds to all forms of property investment," the statement said.
Asia-focussed insurer AIA Group Ltd on Friday named a senior executive at Chinese rival Ping An Insurance Group Co as its chief executive officer to replace company veteran Ng Keng Hooi. Lee Yuan Siong, a co-CEO at Ping An Insurance, will take over as CEO and president-designate from March 1, 2020, and will assume full responsibility from June 1, Hong Kong-headquartered AIA said in a statement issued to the stock exchange. Before joining Ping An, China's largest insurer by market value, in 2013, Lee worked at Prudential Plc and the Monetary Authority of Singapore.
Shares in Aviva slid on Wednesday after the British insurer announced it would reorganise into five divisions and sell its stake in its Hong Kong business, falling short of investor expectations for a broader change in strategy. Analysts had speculated Aviva might announce that it would sell smaller European operations such as France or Italy to focus on the UK, or offload books of life insurance closed to new customers. Aviva is folding Aviva Investors, its fund management arm, into a broader investments, savings and retirement division.
SINGAPORE (Nov 5): Prudential Singapore has rolled out a service allowing its customers to receive cashless medical services when seeking treatment from participating specialists at Raffles Hospital and Mount Alvernia Hospital. Capped at $30,000, the feature and will be available to Singaporeans and Permanent Residents holding the PRUExtra Premier policy, a private hospital integrated shield plan rider. Under the move, Prudential will settle its customer’s medical expenses directly with the two hospitals, thereby allowing them to admit and discharge themselves without payment.