Prudential PLC (PRU)

[pje16]

an update to this post
viewtopic.php?f=94&t=16730&start=60#p451404

Over the last few weeks they called me three or four times (from the USA)
saying that their client was going to be bidding £25-30 for each Pru Share
They speak at an incredibly fast rate hardly pausing for breath
and everytime they mention my Dad's name, they append his full address including postcode to his surname
They have mentioned scrip issues and other takeover terms

On the last call (after about 20 minutes of him talking) he mentioned a 3% charge that we would have to pay

RED FLAG !!!!!
I asked him to let me get a word and and told him it was a scam and him to fk off

I have heard nothing since (not surprisingly)

[scrumpyjack]

an update to this post
viewtopic.php?f=94&t=16730&start=60#p451404

Over the last few weeks they called me three or four times (from the USA)
saying that their client was going to be bidding £25-30 for each Pru Share
They speak at an incredibly fast rate hardly pausing for breath
and everytime they mention my Dad's name, they append his full address including postcode to his surname
They have mentioned scrip issues and other takeover terms

On the last call (after about 20 minutes of him talking) he mentioned a 3% charge that we would have to pay

RED FLAG !!!!!
I asked him to let me get a word and and told him it was a scam and him to fk off

I have heard nothing since (not surprisingly)

I do wonder why you wasted 20 minutes of your time listening to him!

You could have asked him if his name was Jordan Belfort!

[pje16]

At the start I didn't know it was going to on that long
as soon as he mentioned charges I ended it
I imagine Jordan would have been a lot slicker

[daveh]

Full year results
https://www.investegate.co.uk/prudentia ... 00111110E/

and also
https://www.investegate.co.uk/prudentia ... 01081105E/
https://www.investegate.co.uk/prudentia ... 02081096E/
https://www.investegate.co.uk/prudentia ... 03051074E/
https://www.investegate.co.uk/prudentia ... 04061088E/

PRUDENTIAL PLC FULL YEAR 2021 RESULTS

PRUDENTIAL DELIVERS CONTINUED OPERATIONAL PROGRESS AND COMPLETES STRATEGIC RE-POSITIONING

Performance highlights for the continuing business1 on a constant (and actual) exchange rate basis2

· APE sales3 up 8 per cent (10 per cent) to $4,194 million

· New business profit4 up by 13 per cent (15 per cent) to $2,526 million

· Strategic re-positioning to Asia and Africa completed

· Adjusted operating profit5 from continuing operations up 16 per cent (17 per cent) to $3,233 million

· Second interim ordinary dividend of 11.86 cents per share, 17.23 cents per share for the full year

Dividend info
https://www.investegate.co.uk/prudentia ... 10081109E/

ex-dividend date: 24 March 2022 (UK, Hong Kong and Singapore)

Record date: 25 March 2022

Currency election window closes: 21 April 2022 (UK and Hong Kong)

Dividend Re-investment Plan election window closes: 21 April 2022 (UK)

Pound sterling and Hong Kong dollar amount per share announced: On or about 28 April 2022

Payment date: 13 May 2022 (UK, Hong Kong and ADR holders); On or about 20 May 2022 (Singapore)



As with Legal and General my brief skim through suggests a decent set of results

[pje16]

Prudential shares back in demand as City likes annual results
https://www.ii.co.uk/secure/my-news-fee ... s-ii523137
login required

[daveh]

Changes at the top:

https://www.investegate.co.uk/prudentia ... 30087461G/

PRUDENTIAL CONFIRMS LEADERSHIP CHANGES AS PREVIOUSLY ANNOUNCED



Following the announcement on 10 February 2022 regarding leadership changes, Prudential plc ("Prudential" or the "Company"), confirms that Mike Wells will retire as Group CEO and as a Director of Prudential with effect from today.

As part of the orderly succession process of the management team, effective 1 April 2022 Mark FitzPatrick will become Interim Group CEO.

Mr FitzPatrick will retain this position while the Board is conducting a search for a Group CEO, which includes both internal and external candidates. Thereafter he will step down from the Board and remain available to the Company as an adviser for a period.

James Turner, formerly Group Chief Risk & Compliance Officer, will become Group CFO, succeeding Mr FitzPatrick.

Avnish Kalra, formerly Chief Risk Officer for the Group's Asian and African businesses, will succeed Mr Turner as Group Chief Risk & Compliance Officer and will join the Group Executive Committee.

[daveh]

New CEO:
https://www.investegate.co.uk/prudentia ... 30367590M/

Prudential plc ("Prudential", the "Company" or the "Group") announces the appointment of Anil Wadhwani as Group Chief Executive Officer ("CEO"). Mr Wadhwani will join the Company from Manulife where he was President & CEO, Manulife Asia.

Anil Wadhwani is a global financial services leader with more than 30 years' experience, predominantly in Asia, combining strategic vision and execution in some of the world's biggest companies. Most recently, as CEO of Manulife's Asia region, he successfully grew and transformed its diversified and multi-channel business with significant market share gains in many key markets and making it the company's largest source of core earnings. Mr Wadhwani also has significant and proven digital experience, having driven the modernisation of technology platforms across 13 markets in Asia in his previous role.

Prior to this he spent 25 years with Citi in Asia Pacific, Europe, the Middle East, Africa and the US, in a number of consumer financial services roles. Mr Wadhwani was born in 1968 and educated in Mumbai and has worked in Mumbai, Singapore, London, New York and most recently for nearly five years in Hong Kong. He will be based in Hong Kong, where he currently resides.

Mr Wadhwani will assume the role of CEO on 25 February 2023. His appointment is subject to final regulatory approval. As required by listing rules, remuneration details are shown in the Regulatory Disclosures that follow this announcement.

[daveh]

Half year results:

Business Review:
https://www.investegate.co.uk/prudentia ... 00094778V/

Dividend details
https://www.investegate.co.uk/prudentia ... 01054942V/

Risk factors
https://www.investegate.co.uk/prudentia ... 00294776V/

Additional Financials
https://www.investegate.co.uk/prudentia ... 00234774V/

EEV Results
https://www.investegate.co.uk/prudentia ... 00204772V/

IFRS Results
https://www.investegate.co.uk/prudentia ... 00164775V/


From the Business Review:

PRUDENTIAL PLC HALF YEAR 2022 RESULTS

PRUDENTIAL CONTINUES TO DELIVER RESILIENT OPERATIONAL PERFORMANCE AMIDST MARKET VOLATILITY


Performance highlights for the continuing business1 on a constant (and actual) exchange rate basis2

· APE sales3 up 9 per cent (6 per cent) to $2,213 million reflecting diversified geographic footprint, product mix and distribution channels

· New business profit4 fell by (5) per cent ((7) per cent) to $1,098 million following the impact of higher interest rates and differences in geographical and channel mix

· Adjusted operating profit5 up 8 per cent (6 per cent) to $1,661 million

· Shareholder GWS capital surplus over GMCR, following Hong Kong and China regulatory changes, remains strong and resilient with a coverage ratio of 548 per cent6. Shareholder GWS capital surplus over GPCR was $16.2 billion7, equivalent to a coverage ratio of 317 per cent8



Mark FitzPatrick, Group Chief Executive, said: "Our resilient operational performance demonstrates the strength of our well positioned and well diversified franchise across the Asia region, driven by our multi-channel, digitally enhanced distribution platform. This enabled us to maintain APE sales growth over the first quarter, despite considerable Covid-19-related disruption in many markets. We achieved stronger APE sales growth in the second quarter as conditions started to normalise in most markets. New business profit was (5) per cent9 lower as the benefit of higher APE sales was offset by the impact of higher interest rates under our EEV methodology, lower sales in Hong Kong, where margins have traditionally been higher, and an increase in bancassurance sales. Excluding the effects of interest rates and other economic changes, new business profit was broadly flat when compared with the corresponding period in 2021.



"The Group's adjusted operating profit was up 8 per cent9, driven by a 6 per cent9 increase in life and asset management adjusted operating profit combined with a 32 per cent9 reduction in central costs, as interest costs fell following our $2.25 billion debt redemption programme that completed in January 2022. We are on track to deliver a $70 million10 reduction in head office costs by the start of 2023 in addition to the $180 million saving achieved following the demerger of the UK business. The first 2022 interim dividend is 5.74 cents per share, up 7 per cent11, equating to one third of the prior year full-year dividend of 17.23 cents per share.



"We continue to invest in the business including extending Pulse beyond a consumer app so that it covers Prudential's key business processes, from enabling agents by using tools designed to enhance productivity, to fulfilment of policy sales and servicing. Ultimately we believe this will help drive greater customer centricity and efficiency. In addition, via the Pulse platform, we are able to add additional distribution capability, allowing access to new channels and new customer segments which extend beyond our existing distribution footprint.



"Our Group-wide Supervision Framework (GWS) capital position is strong and resilient. The Hong Kong Insurance Authority (IA) approved our application to early adopt the RBC framework in Hong Kong, and this is incorporated within our GWS position at 30 June 2022. The Group's shareholder surplus above the Group Minimum Capital Requirement (GMCR) was $19.4 billion12, representing a cover ratio of 548 per cent6. The Group aligns its established EEV and free surplus framework with the Group's Prescribed Capital Requirement (GPCR). At 30 June 2022, our shareholder surplus above the GPCR was $16.2 billion7 and results in a coverage ratio of 317 per cent8.



"The first half of the year saw considerable macroeconomic volatility, characterised in many markets by lower equity index levels, material increases in government bond yields and widening corporate bond spreads. The combined impact of these factors on our balance sheet, with the fall in investments exceeding the reduction in liabilities, led to a significant fall in IFRS profit after tax for continuing operations from $1,070 million11 in the first half of 2021 to $106 million in the first half of 2022 and also led to a reduction in EEV under our active economic methodology.



"Our Moody's total leverage ratio at 30 June 2022 was estimated to be 22 per cent, well within our target range of 20-25 per cent, demonstrating our financial flexibility following recent actions.



"From a leadership perspective, as previously announced, we are delighted that Anil Wadhwani will join Prudential as Group CEO in February 2023. He will join a growth business, with a multi-channel distribution model and a distinctive geographic footprint, combined with the agility to grow and serve its customers even against the backdrop of the challenges of the Covid-19 pandemic. Although there are signs that Covid-19-related impacts in many of our markets are stabilising, over the remainder of the year we expect that operating conditions may continue to be challenging. We remain confident that Prudential has the financial resilience, capital strength and capability to meet the growing health and savings needs of our customers in Asia and Africa. By doing so, we believe we will deliver on our purpose to help people get the most out of life and also build value for our shareholders over the long-term."

Dividend

Reflecting the Group's capital allocation priorities, a portion of capital generation will be retained for reinvestment in the business, and dividends will be determined primarily based on the Group's operating capital generation after allowing for the capital strain of writing new business and recurring central costs. Dividends are expected to grow broadly in line with the growth in the Group's operating free surplus generation net of right-sized central costs, and will be set taking into account financial prospects, investment opportunities and market conditions.

The Board applies a formulaic approach to first interim dividends, calculated as one-third of the previous year's full-year ordinary dividend. Accordingly, the Board has approved a 2022 first interim ordinary cash dividend of 5.74 cents per share (2021 first interim dividend: 5.37 cents per share).

and

2022 First interim ordinary dividend



Ex-dividend date: 18 August 2022 (Hong Kong, UK and Singapore)
Record date: 19 August 2022
Payment of dividend: 27 September 2022 (Hong Kong, UK and ADR holders)
On or around 4 October 2022 (Singapore)

[daveh]

Sterling dividend rate:
https://www.investegate.co.uk/prudentia ... 38107988Z/

UK register

Shareholders holding shares on the UK register who have not elected to receive their dividend payment in US dollars will receive the dividend payment in pounds sterling and their dividend will be converted from US dollars to pounds sterling at the rate of one US dollar to 0.867679 pounds sterling.



Accordingly, the amount of sterling payable in cash on 27 September 2022 will be approximately: 4.980477 pence per ordinary share.

[daveh]

Finals
https://www.investegate.co.uk/prudentia ... 00079902S/
https://www.investegate.co.uk/prudentia ... 00099903S/
https://www.investegate.co.uk/prudentia ... 00199814S/
https://www.investegate.co.uk/prudentia ... 01179899S/
https://www.investegate.co.uk/prudentia ... 01259819S/

and the dividend

https://www.investegate.co.uk/prudentia ... 05019982S/

Prudential plc ("Prudential") has today announced its 2022 second interim dividend of 13.04 US cents per ordinary share.

paid 15th May ex date 23 April Record date 24th April Sterling announced 27th April

PRUDENTIAL PLC FULL YEAR 2022 RESULTS



A RESILIENT PERFORMANCE IN 2022, WELL POSITIONED FOR OPPORTUNITIES IN 2023 AND BEYOND



Performance highlights for the continuing business on a constant (and actual) exchange rate basis1

· APE sales2 up 9 per cent (5 per cent) to $4,393 million with both agency and bancassurance channels delivering APE sales growth in the second half of 2022

· New business profit3 down (11) per cent ((14) per cent) to $2,184 million with the impact of higher volumes being offset by higher interest rates and business mix effects

· Adjusted operating profit4 up 8 per cent (4 per cent) to $3,375 million

· EEV operating profit5 up 15 per cent (12 per cent) to $3,952 million. EEV shareholders equity is $42.2 billion, equivalent to 1,534 cents per share

· GWS shareholder capital surplus over GPCR of $15.6 billion6, equivalent to a cover ratio of 307 per cent6 (2021: 320 per cent7)

· Operating free surplus generated8 from life and asset management business up 9 per cent (6 per cent) to $2,193 million

· Second interim dividend of 13.04 cents per share, 18.78 cents per share for the full year, up 9 per cent



"2022 was the first full year for the Group as an Asia and Africa focused business. We have delivered a resilient performance against a backdrop of Covid-19-related disruption and broader macroeconomic volatility. The results reflect the advantage of our diversified business model across the Asia region, highlighted by a balanced contribution to APE sales and new business profit from Hong Kong, the Chinese Mainland and Taiwan and from South-east Asia, including Singapore, Indonesia and Malaysia.



"The removal of the bulk of Covid-19-related restrictions across the region and the progressive opening up of the Chinese Mainland economy has meant that 2023 has started well with encouraging progress in year-on-year sales, with Group-wide APE sales for the two months ended February 2023 up 15 per cent9 over the prior year. In Hong Kong we have seen a gradual increase in cross-border traffic from the Chinese Mainland as travel restrictions are eased. Demand for savings products across the Hong Kong business is driving the increase in APE sales in the first two months of 2023.



"I'm honoured to have joined Prudential at such an exciting time with a tremendous opportunity for long term growth ahead of us. As we celebrate our 175th anniversary and 100 years of operations in Asia, the brand is as strong as ever, with leading market positions in many of our key markets. Our progress over recent years is a testament to our people, reflecting their talent and their commitment to serving our customers."

I've not yet waded my way through all the versions of the results, but from the headlines they look OK.

[daveh]

Dividend sterling amount:
https://www.investegate.co.uk/prudentia ... 53167001X/

2022 SECOND INTERIM DIVIDEND

On 15 March 2023, Prudential plc ("Prudential") announced a 2022 second interim dividend of 13.04 US cents per ordinary share.

Shareholders holding shares on the UK and Hong Kong registers were able to elect to receive their dividend payment in US dollars by the dates set out in the 15 March 2023 announcement.

UK register

Shareholders holding shares on the UK register who have not elected to receive their dividend payment in US dollars will receive the dividend payment in pounds sterling and their dividend will be converted from US dollars to pounds sterling at the rate of one US dollar to 0.802188 pounds sterling.

Accordingly, the amount of sterling payable in cash on 15 May 2023 will be approximately: 10.460532 pence per ordinary share.

[idpickering]

Business Performance Update.

Performance highlights on a constant1 (and actual) exchange rate basis

· APE sales2 were up 35 per cent (29 per cent) to $1,559 million driven by increasing cross border traffic from the Chinese Mainland and higher domestic demand in Hong Kong alongside growth in many of our other business units

· New business profit3 was up 30 per cent (26 per cent) to $743 million. Excluding economic impacts4 new business profit rose 43 per cent (39 per cent)

https://www.investegate.co.uk/prudentia ... 00037559X/

Ian (No holding).

[idpickering]

Prudential appoints Ben Bulmer as CFO.

Prudential plc ('Prudential', the 'Company' or the 'Group') announces the appointment, subject to regulatory approval, of Ben Bulmer as Chief Financial Officer.

Mr Bulmer is currently CFO, Insurance and Asset Management, having previously served as Chief Financial Officer of Prudential Corporation Asia. He has extensive experience of the Group, having served in a variety of leadership positions across the finance function in Asia and London since joining in 1997.

Mr Bulmer becomes a member of the Group Executive Committee, reporting to Anil Wadhwani, Chief Executive Officer, and will continue to be based in Hong Kong.

Mr Bulmer succeeds James Turner, who has resigned today as Chief Financial Officer in light of an investigation into a Code of Conduct issue relating to a recent recruitment situation. The Group sets itself high standards and Mr Turner fell short on this occasion. Mr Turner will remain available to the Group for a period of four months to support a smooth transition.

https://www.investegate.co.uk/announcement/7551574

Ian (No holding).

[daveh]

IFRS 17

https://www.investegate.co.uk/announcem ... ng/7643460

Same as all the other insurers have been putting out:

FRS17 Briefing

Audited 2022 IFRS17 results in line with previous guidance



Prudential plc ("Prudential") is today holding an IFRS17 briefing for investors and analysts. A pre-recorded presentation and supporting materials are available on the Group's website. The Group's Chief Financial Officer, Ben Bulmer, will lead a Q&A session today at 4pm (Hong Kong Time) / 9am (UK time).



The presentation explains how IFRS17 is applied to Prudential and reviews the Group's 2022 financial performance on an IFRS17 basis. It also introduces the IFRS17 accounting framework, which is effective from the 1st of January this year and will be the accounting basis for our first half 2023 results. The 2022 IFRS17 results, which have been audited, show that the Group's shareholders' equity on 1 January 2022, the date of transition, increased by $1.8 billion to $18.9 billion and 2022 adjusted operating profit fell by $653 million to $2,722 million. This is consistent with the preliminary guidance provided with the Group's 2022 results on 15 March 2023. At 31 December 2022, the Contractual Service Margin ('CSM') balance, part of insurance contract liabilities under IFRS17, was $20.0 billion[1], representing a significant stock of future profit. New business written in 2022 added $2.1 billion to the CSM.



While IFRS17 is an important accounting change, resulting in changes to the timing of profit recognition compared with the previous IFRS4 approach, it does not change the total level of profit generated. As a result, it does not change the economics of our business. Our embedded value framework, which is linked to the Group's regulatory position and consequently future capital generation, is in our view more representative of shareholder value.



Under IFRS17, the release of the CSM is the main driver of adjusted operating profit and the new business added to the CSM will be an important factor in building CSM. Looking forward, we expect the compounding effect of the new business added to the CSM to support growth in IFRS17 adjusted operating profit, which remains a key performance measure for the Group.



As previously announced, we expect to announce the half year 2023 results on 30 August 2023.

[daveh]

Interim Results:
https://www.investegate.co.uk/announcem ... ew/7723857
https://www.investegate.co.uk/announcem ... rs/7723909
https://www.investegate.co.uk/announcem ... ev/7723916
https://www.investegate.co.uk/announcem ... fo/7723921
https://www.investegate.co.uk/announcem ... rs/7723926

NEWS RELEASE 30 August 2023

PRUDENTIAL PLC HALF YEAR 2023 RESULTS: DELIVERING A STRONG PERFORMANCE AND STRATEGIC UPDATE


Prudential plc ("Prudential"; HKEX: 2378; LSE: PRU) today announced its financial results for the six months ended 30 June 2023 along with a strategic update.


Performance highlights on a constant (and actual) exchange rate basis1

· New business profit2 up 39 per cent (36 per cent) to $1,489 million, with 17 of our life markets delivering growth3, 16 of which by double digits. Excluding the effect of interest rate and other economic movements, new business profit was up 52 per cent (48 per cent)

· APE sales4 up 42 per cent (37 per cent) to $3,027 million

· Adjusted operating profit5 up 6 per cent (4 per cent) to $1,462 million

· Operating free surplus generated from in-force insurance and asset management business6 down (2) per cent ((4) per cent) to $1,438 million

· EEV operating profit7 up 22 per cent (19 per cent) to $2,155 million. EEV shareholders equity is $43.7 billion, equivalent to 1,588 cents per share

· GWS shareholder capital surplus over GPCR of $15.5 billion8, equivalent to a cover ratio of 295 per cent8 (31 December 2022: 307 per cent)

· Adjusted IFRS equity9 of $36.4 billion, up 4 per cent10 from 31 December 2022, equivalent to 1,324 cents per share. Annualised Contractual Service Margin11 growth of 8 per cent.

· First interim dividend of 6.26 cents per share, up 9 per cent10 with guidance for 2023 and 2024 of expected annual growth between 7-9 per cent



Strategic update

Alongside interim results, CEO Anil Wadhwani announced a new purpose and strategy following the completion of his strategic and operational review.

Prudential's new purpose statement - For Every Life, For Every Future - reflects its mission to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions.

Prudential's new strategy will build a sustainable growth platform, through targeted investment in structural growth markets across Asia and Africa by:


· Enhancing customer experiences to drive higher acquisition and loyalty for lifetime value creation;

· Technology-powered distribution with a focus on agency and bancassurance productivity and activation;

· Unlocking the health opportunity by disciplined implementation of best practices across all our markets;

· More consistent execution across each of our markets, driven through changes in our organisational model and technology platform; and

· Prioritising value creation, focusing on the generation of free surplus that can be used to invest in new business at attractive returns, core capabilities and strategic opportunities, as well as return capital to shareholders via dividends.



We believe our new strategy will accelerate value creation for all our stakeholders through operational and financial discipline, with two key financial objectives:



· Growing New Business Profit at 15-20 per cent compound annual growth between 2022 and 202712;

· Achieving double-digit compound annual growth in operating free surplus generated from in-force insurance and asset management business between 2022 and 202712.

Dividend Announcement
https://www.investegate.co.uk/announcem ... on/7724070

2023 FIRST INTERIM DIVIDEND

Prudential plc ("Prudential") has today announced its 2023 first interim dividend of 6.26 US cents per ordinary share.

Shareholders holding shares on the UK or Hong Kong share registers will receive their dividend payments in either pounds sterling or Hong Kong dollars respectively, unless they elect otherwise.

x-dividend date: 7 September 2023 (Hong Kong, UK and Singapore)

Record date: 8 September 2023

Currency election window closes: 29 September 2023 (Hong Kong and UK)

Dividend Re-investment Plan election window closes: 29 September 2023 (UK)

Pound sterling and Hong Kong dollar amount per share announced: On or about 9 October 2023

Payment date: 19 October 2023 (Hong Kong, UK and ADR holders). On or about 26 October 2023 (Singapore)

[daveh]

Dividend currency rates:

https://www.investegate.co.uk/announcem ... ed/7804828

UK register

Shareholders holding shares on the UK register who have not elected to receive their dividend payment in US dollars will receive the dividend payment in pounds sterling and their dividend will be converted from US dollars to pounds sterling at the rate of one US dollar to 0.823501 pounds sterling.



Accordingly, the amount of sterling payable in cash on 19 October 2023 will be approximately: 5.155116 pence per ordinary share.

if your shares are held on the Hong Kong register you'll have to check the link.

[idpickering]

Prudential plc - Q3 Business Performance Update.

Performance highlights on a constant1 (and actual) exchange rate basis for the nine months ended 30 September 2023

· Year to date new business profit2 was up 37 per cent (34 per cent) to $2,143 million with Q3 business momentum continuing to reflect the strength of our multi market, multi-channel strategy. Excluding economic impacts3 new business profit was up 48 per cent (45 per cent), with margins improved due to positive developments in channel and geographic mix .

· Year to date APE sales4 were up 40 per cent (36 per cent) to $4,417 million led by Hong Kong, with increased sales to both Chinese Mainland visitors and Domestic customers compared with the same period last year.

https://www.investegate.co.uk/announcem ... te/7862042

Ian (No holding).

[daveh]

PRUDENTIAL AND CITIC TO PROVIDE GROWTH CAPITAL FOR CPL



Prudential plc ("Prudential") today announced that CITIC-Prudential Life Insurance Company Limited ("CPL"), a 50/50 joint venture between Prudential Corporation Holdings Limited ("PCHL"), an indirect wholly-owned subsidiary of Prudential, and CITIC Financial Holdings Co., Ltd. ("CITIC"), has announced that CPL's shareholders have approved an increase of its registered capital by RMB2.5 billion (US$351 million) ("Capital Increase"). Under the terms of the Capital Increase, each of CPL's shareholders, PCHL and CITIC, will contribute RMB1.25 billion (US$176 million) in cash. As a result, the registered capital of CPL will increase from RMB2.36 billion to RMB4.86 billion (US$331 million to US$682 million), while the equity stakes of the shareholders remain unchanged at 50/50. The Capital Increase is subject to relevant regulatory approvals.

Upon completion of the Capital Increase, the proforma China Risk-Oriented Solvency System (C-ROSS) core and comprehensive solvency ratios as at 30 September 2023 are estimated to have been 121% and 215% respectively, well above regulatory requirements.

The Capital Increase underscores the common belief of both shareholders in the attractive long-term prospects of life insurance business in the Chinese Mainland and their strong ongoing commitment to CPL. Prudential's share of the Capital Increase will be funded out of its reported free surplus of US$8.3 billion (as at 30 June 2023) which the Group will look to further deploy for future growth opportunities.

https://www.investegate.co.uk/announcem ... pl/7952737

[idpickering]

Repurchase to neutralise share scheme issuance

Prudential plc (the "Company") announces that it will commence a share repurchase programme in respect of c. 3.9 million1 ordinary shares of 5 pence each ("Ordinary Shares"), in the issued share capital of the Company (the "Programme").

The purpose of the Programme is to reduce the issued share capital of the Company to offset dilution from the vesting of awards under employee and agent share schemes during 2023. Based on the total number of Ordinary Shares in issue announced on 29 December 2023, the Programme approximates to 0.14% of the Company's issued share capital. The Directors consider the Programme to be in the best interests of the Company and of its shareholders generally. Given its small size, the implementation of the Programme is expected to marginally enhance earnings per share.

The Company intends to make further repurchases of its Ordinary Shares in future in order to offset the expected dilution from the vesting of awards under employee and agent share schemes. The Company will make further announcements in respect of any such repurchases in due course.

The Company continues to explore means of further focussing issuances of employee and agent share schemes, and enhancing liquidity of the Ordinary Shares held, on the Hong Kong line.

https://www.investegate.co.uk/announcem ... ce/7976974

Ian (No holding).

[scrumpyjack]

I see it is just over 3 years since Prudential demerged Jackson financial. The theory was that Pru was high growth and Jackson low growth.

The fact that in that time the Pru share price has virtually halved and the Jackson price doubled does not say much for the Pru's management's judgement, does it? (They handed out some Jackson shares to shareholders and kept some which they then sold at about half the current price).