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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Prudential Plc | LSE:PRU | London | Ordinary Share | GB0007099541 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-7.60 | -0.94% | 797.60 | 796.80 | 797.20 | 797.60 | 784.40 | 793.00 | 6,716,364 | 16:35:27 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Life Insurance | 12.19B | 1.7B | 0.6178 | 12.90 | 21.94B |
By Anthony O. Goriainoff
Prudential said it will contribute $176 million in cash to joint venture Citic-Prudential Life Insurance Company's capital increase in a move aimed at bolstering its life-insurance presence in China.
The insurance-and-investment business said the joint-venture's registered capital will increase to $682 million from $331 million, and that the equity stakes of Prudential and China's Citic Financial Holdings remained unchanged at 50-50.
London-listed Prudential said the capital increase--which is subject to the relevant regulatory approvals--underscores the attractive long-term prospects of life-insurance business in the Chinese mainland.
Prudential said its share of the capital increase will be funded out of its reported $8.3 billion free surplus, as at June 30. The company said it will look to further deploy this for future growth opportunities.
"CPL plays a pivotal role in our overall strategy and growth, and we will continue to focus on delivering our customer-led and multichannel distribution strategy in the Chinese mainland... We are confident that the continued focus on quality establishes a good foundation for future growth, and we remain excited about the significant potential of the business ," Chief Executive Anil Wadhwani said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
December 20, 2023 02:51 ET (07:51 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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