Business
Prudential capital management update
Prudential capital management update.
About this update from Prudential Plc
[{"type":"text","content":"\n\n \n \n \n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nPRUDENTIAL PLC CAPITAL MANAGEMENT UPDATE\n \nLaunch of US$2 billion share buyback programme1\n \n§ Return of capital of US$2 billion to be completed no later than mid 2026.\n§ Progress towards our 2027 financial objectives2 will increase the potential for further cash returns to shareholders.\n§ Strong capital base to fund organic growth and to continue to invest in enhancing our capabilities. \n \n \nCEO Anil Wadhwani, said: \"I am pleased with the progress we continue to make in executing our strategy, as we drive towards generating growth in both value and cash returns for shareholders over the long term. The significant growth opportunity ahead of us has not changed and we remain focused on realising that opportunity. \n \n\"With our strong capital base, strategic progress and the recent clarification of the rating agencies' treatment of the IFRS17 CSM, we can now provide a capital management update.\n \n\"We will continue to prioritise investment in organic new business at attractive returns and in enhancing our capabilities as we execute our strategy. We will pursue selective partnership opportunities to accelerate growth in our key markets. Investment decisions will be judged against the alternative of returning surplus capital to shareholders.\n \n\"Consistent with our capital allocation framework, we are today announcing a US$2 billion share buyback programme to return capital to shareholders. The buyback will be completed by no later than mid 2026.\n \n\"Progress towards our financial objectives will increase the potential for further cash returns to shareholders. Our dividend policy remains unchanged, with the Board continuing to expect the 2024 annual dividend to grow in the range of 7-9 per cent.\n \n\"Our outperformance in H1 2023 when the border between Hong Kong and the Chinese Mainland reopened results in a strong comparator for H1 2024. Q2 2024 APE sales trends are...