United States

Prudential plc (NYSE:PUK) reports 8% profit surge, ups dividend

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Prudential (NYSE:PUK) has reported remarkable financial results for the first half of 2024, signalling continued growth despite global economic uncertainties.

The company registered a new business profit of $1,468 million, reflecting an 8% rise excluding economic impacts.

During the period under review, the company's adjusted operating profit rose by 9% to $1,544 million.

Furthermore, Prudential declared a first interim dividend of 6.84 cents per share, up from the 6.26 cents per share recorded in 2023, representing a 9% increase.

In line with its shareholder return strategy, the company announced that it is currently executing the first tranche of its $2 billion share buyback program.

As of 22nd August 2024, the company said it has repurchased 22 million shares for a total of £150 million ($192 million).

Meanwhile, the insurer also reported a decrease in its free surplus ratio to 232% from 242% at the end of 2023.

Following the earnings announcement, Prudential's share price stood at $117.92, showing little change in premarket trading.

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