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Prices & Quotes - UK Markets - Prudential (PRU)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 1,246.00p
Change Today:
33.00p
Market Cap:
32,514m
Sector:
Life Insurance

Prudential reinsures 22bn of US assets as Athene takes stake

By Sean Farrell

Date: Thursday 18 Jun 2020

LONDON (ShareCast) - (Sharecast News) - Prudential has reinsured $27.6bn (22bn) of US liabilities with Athene Holding, which has made a $500m equity investment in the company's US Jackson business.
The deal will strengthen the balance sheet of Jackson, Prudential's US division, and give Athene an 11.1% stake in the common equity of the business.

Jackson's risk-based capital cover ratio will increase by about 80 percentage points as Prudential prepares the business for a minority initial public offering while considering other options to create an independent US operation.

Athene is a US insurance company that issues, reinsures and acquires retirement savings. It is backed by private equity firm Apollo, which doubled its stake to 34% in March.

Mike Wells, Prudential's chief executive, said: "We are delighted to be forging a new relationship with the team at Athene, given their deep expertise in the US annuity sector and long-term commitment to its development. This agreement is a key step forward in meeting our strategic objectives for Jackson."

The reinsurance agreement takes effect from 1 June and Athene's equity investment is expected to complete in July.



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Prudential Market Data

Currency UK Pounds
Price 1,246.00p
Change Today 33.00p
52 Week High 1,506.00p
52 Week Low 710.80p
Volume 5,128,035
Shares Issued 2,609.49m
Market Cap 32,514m

Performance Indicators

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What The Brokers Say

Strong Buy 9
Buy 1
Neutral 3
Sell 0
Strong Sell 2
Total 15
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Prudential Dividends

  Latest Previous
  1st Interim Final
Ex-Div 20-Aug-20 26-Mar-20
Paid 28-Sep-20 15-May-20
Amount 5.37¢ 25.97¢

Trades for 04-Dec-2020

Time Volume / Share Price
16:35 762 @ 1,246.00p
16:35 5,589 @ 1,246.00p
16:35 332 @ 1,246.00p
16:35 32,406 @ 1,246.00p
16:35 1,260 @ 1,246.00p

Prudential Key Personnel

Chair Paul Manduca