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Prices & Quotes - UK Markets - Prudential (PRU)

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Share Price:
Down 1,519.50p
Change Today:
-66.00p
Market Cap:
39,744m
Sector:
Life Insurance

Prudential announces second 2020 dividend

By Sean Farrell

Date: Wednesday 03 Mar 2021

LONDON (ShareCast) - (Sharecast News) - Prudential announced a second interim dividend as the company reported a 4% increase in annual profit and an improving trend in Asia.
Operating profit from continuing operations rose to $5.5bn (3.9bn) from $5.3bn in the year to the end of December as gross premiums. Operating profit rose 13% at constant exchange rates in Asia to $3.7bn and profit fell 9% at the US Jackson division to $2.8bn, the company said.

Prudential proposed a second interim dividend of 10.73 cents a share taking the total 2020 dividend to 16.10 cents a share. The group's shares rose 1% to a one-year high of 14.99.5 at 09:28 GMT.

After splitting off its UK business in 2019 Prudential is demerging Jackson to concentrate on Asia. The separation is expected to complete in the second quarter of 2021.

Asia sales fell 28% to $3.7bn, mainly because of the closure of Hong Kong's border with mainland China for much of 2020. Asia sales in the second half were 20% higher than in the first half and annual sales fell 6% excluding Hong Kong.

Jackson's variable annuity sales rose 13% in 2020 but this was more than offset by lower institutional sales and sales of fixed and fixed index annuities.

The FTSE 100 group said it was planning to press ahead with raising $2.5bn to $3bn after the demerger to reduce debt and widen its share base in Asia.

Chief Executive Mike Wells said: "During these uncertain times, the Asia results are a great achievement by our people and evidence of the high value that customers place on our services.

"In order to enhance financial flexibility and de-lever the balance sheet, Prudential is considering raising new equity of around $2.5-3bn following the completion of the Jackson demerger. Our preferred route is a fully marketed global offering to institutional investors concurrent with a public offering in Hong Kong to retail investors."

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Prudential Market Data

Currency UK Pounds
Price 1,519.50p
Change Today -66.00p
52 Week High 1,585.50p
52 Week Low 934.40p
Volume 4,024,289
Shares Issued 2,615.61m
Market Cap 39,744m
Beta 0.02

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What The Brokers Say

Strong Buy 11
Buy 0
Neutral 5
Sell 0
Strong Sell 1
Total 17
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
  2nd Interim 1st Interim
Ex-Div 25-Mar-21 20-Aug-20
Paid 14-May-21 28-Sep-20
Amount 10.73¢ 5.37¢

Trades for 11-May-2021

Time Volume / Share Price
16:35 1,291,470 @ 1,519.50p
16:29 1 @ 1,516.50p
16:29 96 @ 1,516.50p
16:29 350 @ 1,517.00p
16:29 44 @ 1,516.50p

Prudential Key Personnel