Thu, May. 8, 5:22 AM
- Prudential PLC's (PUK) new-business profit jumped to £529M ($897M) in Q1 from £410M a year earlier, as the insurer's Asia, U.S. and U.K. divisions all enjoyed growth.
- New-business profit takes into account the expected future value of insurance policies written in the period.
- Breakdown: U.K. +90% to £91M; U.S. Jackson unit +56% to £195M; Asia +3% to £243M.
- Shares are +1.5% in London. (PR)
Nov. 29, 2013, 3:49 AM
- Metlife (MET), Prudential (PUK) and Manulife (MFC) are among five insurers bidding to form a bancassurance distribution partnership with Citigroup (C) in 14 Asian markets in a deal that could generate over $10B of revenue over 15 years.
- The winning insurer will make an exclusivity payment of $1.5-2B to Citigroup and split the sales with the U.S. bank. In return, the insurer will gain access to Citigroup's 600 branches and more than 34M consumer accounts.
- Citigroup is likely to choose just one firm to work with, although there is a small chance it could choose two.
- The other competing insurers are AIA Group (AAIGF) and FWD Group.
Aug. 12, 2013, 5:07 AM
Jun. 28, 2012, 5:41 AMVeolia Environnement (VE) agrees to sell 90% of its regulated water unit in the U.K. for £1.24B ($1.92B) to Rift Acquisitions, a JV between Prudential (PUK) and Morgan Stanley (MS). The sale is part of Veolia's strategy to quit half the 70 countries it operates in and sell assets worth €5B by 2013 as it seeks to cut its debt to below €12B. (PR) | 1 Comment
Dec. 20, 2011, 11:15 AM
Aug. 5, 2011, 9:10 AMPremarket gainers: WWWW +13%. PCLN +12%. ALU +11%. TI +10%. AIB +8%. KOG +7%. STM +7%. ING +7%. SNV +5%. ERIC +5%. HUN +6%. NTT +5%. ABB +4%. SQNS +5%. FRO +5%. RCL +5%. NOK +5%. TKC +5%. BBVA +4%. LNKD +4%. STD +4%. NGB +4%. VE +4%. CTIC +4%. IRE +3%. PUK +3%. AMR +3%. AKS +3%. MT +3%. ARMH +3%. SNDK +3%. RENN +3%. WPPGY +3%. MPEL +2%. LYG +2%. UBS +3%. MGM +3%. RIG +2%. LCC +3%. CRM +3%. ANR +3%. PCX +3%.
Losers: IPSU -42%. MIPS -25%. CLGX -23%. BRCD -18%. SD -8%. SSN -7%. PACB -4%. AHCI -3%. LPL -3%. | Comment!
Aug. 5, 2011, 7:17 AMPrudential Plc (PUK) uncorks a stronger-than-expected earnings report, led by a 25% jump in operating profit. The firm's Chief Executive points to a strong focus in Southwest Asia as a catalyst to boost revenue 27% (Y/Y). The U.K. insurer also discloses it holds no sovereign debt exposure to Greece, helping lift shares +1.6% premarket. | Comment!
May. 19, 2011, 12:52 PM
Apr. 21, 2011, 7:46 AM
Sep. 22, 2010, 8:11 AMSources say AIG (AIG) is nearing a deal to sell two Japanese life-insurance companies to Prudential Financial (PRU) for a combined $4-5B. A deal would help AIG repay the more than $90B it owes taxpayers. Earlier this year, a $35.5B deal to sell AIA to Prudential plc (PUK) disintegrated after shareholders balked at the price. | 2 Comments
Sep. 12, 2010, 4:51 PM
Aug. 12, 2010, 7:28 AMPrudential (PUK): H1 operating profit +41% to £968M ($1.5B) vs. consensus of £724M. Costs of failed AIA (AIG) deal cut to £377M ($591.4M) from £450M, with a second bid for AIA (or any other big takeover) completely ruled out. Increases half-year dividend by 5% to 6.61 pence/share. Shares +2%. | Comment!
Jul. 30, 2010, 11:13 AM
Jul. 19, 2010, 7:44 AM
Jun. 25, 2010, 9:08 AM
Jun. 14, 2010, 7:58 AMAXA (AXAHY.PK) is in talks to sell part of its U.K. life insurance unit to Resolution Ltd. for £2.75B ($4B). European insurers are increasingly trying to free up capital reserves backing policies in slow-growth markets like the U.K. in order to fund growth in Asia, where the margins are wider. | Comment!
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