|Bid||1,041.00 x 0|
|Ask||1,042.50 x 0|
|Day's Range||1,027.00 - 1,055.00|
|52 Week Range||12.37 - 1,795.00|
|Beta (5Y Monthly)||1.15|
|PE Ratio (TTM)||34.44|
|Earnings Date||Aug. 11, 2020|
|Forward Dividend & Yield||0.37 (3.69%)|
|Ex-Dividend Date||Mar. 26, 2020|
|1y Target Est||2,079.18|
(Bloomberg) -- U.K.-listed banks with heavy exposure to Hong Kong slipped as China’s attempt to tighten its grip on the city fueled a political backlash.HSBC Holdings Plc dropped as much as 6.5%, the most in about seven weeks, while rival lender Standard Chartered Plc declined 4.7%. Insurer Prudential Plc tumbled 9.8%, its biggest fall in more than two months, before paring losses along with the banks.China confirmed on Friday that it would effectively bypass the city’s legislature to implement national security laws. The announcement triggered immediate calls for fresh protests and sent the MSCI Hong Kong index to its worst loss since 2008.“China’s latest move is damaging to gross domestic product, sentiment, loan growth and Hong Kong’s status as a global financial destination,” Bloomberg Intelligence analyst Jonathan Tyce said in written comments. HSBC and Standard Chartered each derive a quarter of their revenue from Hong Kong, and “far more” of their pretax profits, he added.Banks operating in Hong Kong, as well as luxury-goods makers, have been volatile since the final quarter of 2019 as protests gripped the city, sending it into recession. The global spread of Covid-19 spurred share plunges in 2020.Prudential, which has seen its shares plunge 28% year-to-date, is also highly exposed to the former British colony. Hong Kong accounted for 23% of the London-based company’s adjusted operating profit in Asia in 2019, more than any other market in the continent, according to the group’s annual report.And it wasn’t just European financials dropping on the Hong Kong developments, as luxury-goods makers that are dependent on sales in the city also slipped. Cartier watch-maker Compagnie Financiere Richemont SA and Gucci-owner Kering SA fell as much as 4.1% and 2.3% in Zurich and Paris, respectively.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
For many investors, the main point of stock picking is to generate higher returns than the overall market. But its...
Prudential said on Thursday it would cut salaries and pensions earned by its executive directors in 2020, while its chief financial officer would also see his bonus curbed in view of the Covid-19 pandemic. The British insurer is the latest in a series of financial firms to unveil similar reductions in executive compensation in a gesture of support to customers struck hard by the coronavirus lockdown. Prudential said pension benefits would fall from 25% to 13% of salary from mid-May but did not give details on how salaries would fall.
Under the agreement, the transition period begins April 1, with the remaining term of FWD's bancassurance contract entirely transferred to Prudential Thailand on Dec. 31, 2020. In mid-2017, FWD and TMB Bank renewed the arrangement to sell the FWD product to the Thai bank's distribution network for 15 years.
Jackson National Life Insurance Company® (Jackson®) today announced its full-year financial results, generating $3 billion in IFRS pre-tax operating income2 in 2019, an increase of 22 percent over 2018 and the highest in company history. Jackson also reported $22.2 billion in total sales and deposits, noting significant growth in fixed and fixed index annuity sales.
LONDON/HONG KONG (Reuters) - Prudential plans to float a minority stake in its U.S. business, Britain's largest insurer said on Wednesday, as it faces demands from rebel investor Third Point for a full break-up. The U.S. hedge fund last month said it had bought around 5% of the company and called on Prudential to hive off its U.S. business Jackson and cut its London head office, proposals with which investors have sympathy. Prudential's main businesses are in Asia and the United States after it spun off its British unit last year.
Prudential (PRU) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Jackson National Life Insurance Company® (Jackson®) was recognized with four awards from Service Quality Measurement Group, Inc. (SQM)1 for excellence in contact center service in 2019. For the first time, Jackson was awarded SQM’s top honor — Contact Center of the Year — for earning the highest combined ratings for customer and employee experience among a field of leading call centers from across North America.
(Bloomberg Opinion) -- Dan Loeb’s Third Point LLC says it has a history of working constructively with boards to promote the success of their companies. The activist’s latest goal seems to involve removing the board of Prudential Plc entirely, and dismantling the head office around it, as part of a breakup of the $48 billion insurer.That may not be as hard as it sounds.Once focused on Britain, Prudential has transformed into a large Asian insurer with a smaller U.S. business attached. Its shares suffer under a stark valuation discount to Hong Kong-listed peer AIA Group Ltd., and Loeb has set out a plausible explanation for why. The reason, he says, is that the Asian side needs capital to grow, but competes with shareholders for dividends. Likewise, the U.S. business would be better off conserving cash in support of its own capital strength. Meanwhile, most investors don’t want to invest in an Asian-U.S. hybrid insurer.The remedy sounds simple: Split Prudential into separate U.S. and Asian businesses with their own stock listings and dividend policies. The Asian shares would probably command a much higher valuation than whole the group does now, providing an acquisition currency that would be a cheap source of growth capital. At the same time, scrapping the conglomerate structure would eliminate the need for a costly corporate center based in London.None of this is likely to be a huge surprise to Prudential’s directors. The board has already been simplifying the company, mainly by spinning off the M&G Plc asset management business. That move has failed to address the valuation gap, so the next logical step would be to jettison the U.S. subsidiary and become a pure Asia play. Prudential’s chairman, Paul Manduca, is retiring next year anyway, and Chief Executive Officer Mike Wells has been in the role for five years. Manduca’s successor, banker and former government minister Shriti Vadera, has a chance to be radical.The real opponents to Loeb’s ideas are more likely to be found among Prudential’s long-term investors. Third Point is a new arrival taking on a longstanding problem. But Prudential has a large number of U.K. investors whose own narrow interests may be served by keeping it in its current form, paying high dividends via a London-listed share. Recall that consumer giant Unilever NV encountered huge resistance to an attempt to simplify its structure in 2018, while plumbing group Ferguson Plc is moving with extreme care about a possible re-domicile for the same reason.Loeb argues Prudential in two pieces would be worth twice what it is today. He may be right, but if a breakup involves a dividend cut along the way, it won’t be plain sailing.To contact the author of this story: Chris Hughes at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
US hedge fund calls for Prudential breakup as it takes near-$2bn stake. Third Point, led by billionaire Daniel Loeb, says insurer should separate into two firms
Third Point's demands, first reported by Reuters earlier on Monday, could lead to a major shake-up at Prudential, only a few months after it spun out its European insurance and asset management businesses into a new company called M&G Plc . Third Point, which specializes in shareholder activism and is run by Daniel Loeb, wrote to the 332-year old London-based company on Monday to ask it to separate its Asian and U.S. businesses. The New York-based hedge fund said Prudential's stock would benefit if it stopped running its crown jewel Asia business and its U.S. business, Jackson National Life, out of one holding company in Britain.
LONDON/ZURICH, Feb 7 (Reuters) - Tidjane Thiam is unlikely to quietly retire after his abrupt exit as chief executive of Credit Suisse, some of those who have worked with him predict. "A bit like walking on a tightrope", is how Thiam described leadership in 2012. Leaving the country after the 1999 coup, he became a partner at consultancy McKinsey, before entering insurance at Aviva and then moving on to Prudential, becoming the FTSE 100's first black CEO in 2009.