PRU.L - Prudential plc
| Previous close | 1,467.50 |
| Open | 1,475.00 |
| Bid | 1,483.00 x 0 |
| Ask | 1,483.50 x 0 |
| Day's range | 1,440.50 - 1,487.00 |
| 52-week range | 1,299.50 - 1,795.00 |
| Volume | 6,292,428 |
| Avg. volume | 6,408,199 |
| Market cap | 38.374B |
| Beta (3Y monthly) | 1.25 |
| PE ratio (TTM) | 11.95 |
| EPS (TTM) | 123.50 |
| Earnings date | N/A |
| Forward dividend & yield | 0.50 (3.42%) |
| Ex-dividend date | 2019-08-22 |
| 1y target est | 2,079.18 |
- Fool.co.uk
Prudential demerger: here’s what you need to know
The Prudential demerger will take place on October 21. Here are answers to questions you may have.
- Simply Wall St.
Trade Alert: The Group Chief Risk & Compliance Officer and Executive Director Of Prudential plc (LON:PRU), Stuart Turner, Has Just Spent UK£347k Buying Shares
Investors who take an interest in Prudential plc (LON:PRU) should definitely note that the Group Chief Risk...
- Reuters - UK Focus
National Grid offloads $3.4 bln of UK pension risk to Rothesay Life
Britain's largest specialist annuity insurer Rothesay Life said on Tuesday the National Grid UK Pension Scheme had transferred 2.8 billion pounds ($3.43 billion) worth of pension risks to the insurer. British companies are increasingly offloading risks linked to their pension schemes to specialist insurance companies, partly because of increased life expectancy. The deal comes weeks after Rothesay Life chalked up a 3.8 billion pounds insurance deal with Allied Domeq, which protects the retirement savings of the largest-ever number of yet-to-retire members.
- Reuters - UK Focus
M&GPrudential plans $1 bln City of London development
M&GPrudential, part of insurer Prudential, said on Monday it would invest 875 million pounds ($1.08 billion) in a prime City of London office development. M&GPrudential, soon to be demerged into a separate company as part of a break-up of Prudential, said it had bought 40 Leadenhall from AIMCO and Nuveen Real Estate and planned to develop a new 905,000 square foot office complex. The site has permission for the development of two towers, providing 14 and 34 storeys of predominantly office space, M&G Prudential said in a statement, with carbon emissions 30% below current regulations.
- Simply Wall St.
Want To Invest In Prudential plc (LON:PRU)? Here's How It Performed Lately
Increase in profitability and industry-beating performance can be essential considerations in a stock for some...
- Reuters - UK Focus
GRAPHIC-Brexit vote reprise? Money flows out of UK property funds
Britain's top property investment funds have shed almost 10% of their combined assets this year as investors fret about the impact of Britain's exit from the European Union. Despite that, the FCA maintained the right for retail investors to leave such funds any day they like. Fund industry tracker Morningstar showed each of the 10 biggest open-ended property funds shed assets between January and August this year as investors pulled cash from the sector.
- Investing.com
Top 5 Things to Know in the Market on Tuesday
Investing.com -- China throws a party with ICBMs and stealth drones, while Hong Kong burns. Meanwhile, Europe's economy looks ever grimmer and Credit Suisse (SIX:CSGN) clears its CEO of wrongdoing in a spy drama. Here's what you need to know in financial markets on Tuesday, 1st October.
- The Guardian
Prudential fined £24m for annuities sales failings
Insurer to compensate 35,000 customers after failing to advise them to shop around. Prudential has been fined nearly £24m for “serious breaches” after failing to advise customers they might get a better deal if they shopped around for annuities and incentivising staff with spa breaks and weekends away. The Financial Conduct Authority, the City watchdog, said the failures caused harm to customers affected by the breaches between July 2008 and September 2017. Prudential apologised to customers and said it hoped to pay compensation by the end of October to most of the 35,000 people it estimates are affected. So far, the company has paid out £110m to 17,240 customers. As well as failing to ensure customers were consistently informed they might get a better deal if they shopped around, the FCA said Prudential had also failed to properly monitor customer calls and handed out incentives to staff that meant they might “put their own financial interests ahead of ensuring fair customer outcomes”. Call handlers were given sales-linked incentives, offering them the possibility of earning an additional 37% on top of their base salary and winning prizes such as spa breaks or weekend holidays. The watchdog said the £23.88m penalty would have been £34.1m if Prudential had not accepted the findings. Mark Steward, the FCA executive director of enforcement and market oversight, said: “Prudential failed to treat some of its customers, who could have secured a better deal on the open market, fairly. “These are very serious breaches that caused harm to those customers. Prudential is now rightly focused on redress and today’s financial penalty reinforces the cardinal obligation of fairness that firms owe to customers.” Prudential said: “We are deeply sorry for the historic failings in our non-advised annuity business and any detriment this has caused our customers. We are working hard to put this right and are on schedule to offer redress to the vast majority of affected customers by the end of October this year. “Our systems and controls have been significantly strengthened in the past two years through a substantial investment in our business.” An annuity is a retirement income product that can be bought with a customer’s pension pot and pays them a regular income in return. Prudential stopped selling annuities directly to customers in February 2017.
- Fool.co.uk
The pros and cons of buying Prudential shares right now
Seeing some negative stories in September, here are some good and bad points of investing in Prudential stock.
- Reuters
Markets watchdog fines Prudential 24 million pounds over annuity sales
Britain's markets watchdog has fined insurer Prudential 24 million pounds ($29.39 million) for failures related to non-advised sales of annuities, it said on Monday. The FCA said Prudential failed to make sure customers were consistently advised that by shopping around they could get a higher rate on their annuities, which pay pensioners a fixed income for life. The fine relates to the period between July 2008 and September 2017, the FCA said, adding that as of Sept. 19, 2019, Prudential has offered around 110 million pounds in redress to 17,240 customers.
- Reuters - UK Focus
UPDATE 1-UK Markets watchdog fines Prudential 24 mln pounds over annuity sales
Britain's markets watchdog has fined the country's largest insurer Prudential 24 million pounds ($29.39 million) for failures related to non-advised sales of annuities, it said on Monday. The fine comes after Standard Life Assurance, part of insurer Phoenix Group, was charged 31 million over the same issue in July. The FCA said Prudential, which is preparing to spin off its UK business next month, failed to make sure customers were consistently advised that by shopping around they could get a higher rate on their annuities, which pay pensioners a fixed income for life.
- Reuters - UK Focus
UPDATE 3-"Built on lie" funds face tougher rules starting in 2020
The Financial Conduct Authority (FCA) said it will introduce a new category of funds investing in inherently illiquid assets, or FIIA, from September 2020, confirming proposals made last October. "The new rules and guidance are designed to protect the interests of investors, particularly during stressed market conditions," said Christopher Woolard, the FCA's executive director for strategy and competition. The funds will be subject to additional requirements, including standard risk warnings in financial promotions, enhanced depositary oversight, and a requirement to produce liquidity risk contingency plans, it said.
- Reuters - UK Focus
UPDATE 1-UK shares little changed, corporate action muted
UK shares were largely unchanged on Monday as investors opted for a wait-and-watch approach amid simmering U.S.-China trade tensions and Brexit worries, and as scant corporate news failed to spur significant stock moves. The exporter-heavy FTSE 100 index was roughly flat, but hovered close to a near two-month high, while the mid-cap index was also flat by 0800 GMT. The FTSE 100 index is on track for its best month since June and the domestically-focussed FTSE 250 was on course for its biggest monthly rise since April.
- Bloomberg
AIA Can Withstand Hong Kong Visitor Hit
(Bloomberg Opinion) -- Turbulent times should mean good business for insurers as people try to protect themselves against the hazards of an uncertain world. Hong Kong’s summer of unrest has proved anything but happy for shares of AIA Group Ltd., the city’s biggest seller of policies. The company may prove more resilient than investors are giving it credit for.AIA has slumped more than 16% from its July 19 peak, among the worst performers on Hong Kong’s Hang Seng Index in that period. The insurer has the third-highest weighting in the benchmark after HSBC Holdings Plc and Tencent Holdings Ltd., which have both lost less than 9% over the same time frame. AIA’s steepening decline is unusual for a stock that has mostly seen steady gains since it was spun out of American International Group Inc. after the financial crisis in 2010.Blame the Hong Kong protests. Anti-government demonstrations have led to a precipitous fall in mainland Chinese visitors to the semi-autonomous city. These tourists are an important source of business for Hong Kong insurers, whose dollar-based products offer a hedge against the falling yuan and a route outside China’s restrictive capital controls. Chinese tour groups to Hong Kong for the Golden Week holiday starting Oct. 1 are set to plunge 86% from a year earlier, Jinshan Hong and Qian Ye of Bloomberg News reported last week, citing the city’s Travel Industry Council.Policies sold to mainland visitors accounted for 26% of total new premiums received from individuals in the first six months of 2019, according to Hong Kong’s Insurance Authority. While AIA sells insurance across Asia, Hong Kong contributed 40% of its new business value in the first half, Michael Chang of CGS-CIMB Securities Ltd. reckons. Of this, mainland Chinese visitors accounted for 20%, Chang estimates.The physical presence of customers in Hong Kong is important because, unlike most financial assets, the city’s regulators require insurance to be sold face-to-face, at least to new clients. AIA, Prudential Plc and China Taiping Insurance Holdings Co., a state-controlled company based in Shanghai, are among the most reliant on mainland visitors, according to Bloomberg Intelligence analyst Steven Lam.There’s more to AIA’s China exposure than sales made in Hong Kong, though. The company’s new business value in China surged 26% in the first half to account for 29% of AIA’s total. Demand for insurance is surging in the mainland as incomes rise while health and retirement systems remain under-developed.Until recently, AIA had failed to make much headway in a market that’s dominated by state behemoths such as China Life Insurance Co., despite being the only foreign insurer allowed to operate without a partner (thanks to roots that stretch back to 1919, when AIG was founded in Shanghai). That may be starting to change as the government, under pressure from slowing economic growth, opens its financial markets further to overseas companies.This year, the government loosened regulations that restricted AIA to five geographical regions: Beijing, Shanghai, Shenzhen and the provinces of Jiangsu and Guangdong. The insurer has now moved into new provinces and started selling policies in Tianjin municipality and in the city of Shijiazhuang in Hebei province. (German insurer Allianz SE has been given the green light to set up the first wholly foreign-owned insurance holding company in the country.)In any event, the collapse in Chinese visitors to Hong Kong is likely to ease even if the protests continue. Investment-linked insurance products denominated in the Hong Kong dollar – which is pegged to the greenback – offer a perennial hard-currency allure for mainland individuals with few opportunities to diversify at home. Insurers in the city also sell policies denominated in the U.S. dollar itself. AIA’s new business value in Hong Kong jumped 19% in the first half.The slide in AIA stock has taken its price to embedded value to 1.9 times, from a peak of 2.4 times at the end of June. That’s still a premium to rivals such as Ping An Insurance (Group) Co., at 1.3 times, and China Life at 0.5 times, according to data compiled by Bloomberg. Prudential, weighed down by its exposure to the slower-growing U.K. market, trades at 0.7 times embedded value. Still, 19 of 22 analysts tracked by Bloomberg rate AIA stock a buy, with only one sell recommendation.This slump looks to have limits. To contact the author of this story: Nisha Gopalan at ngopalan3@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
- Reuters - UK Focus
UPDATE 1-Prudential's M&G, Rothesay to appeal blocking of large annuity transfer
Prudential and Rothesay Life will appeal a recent judgement blocking the transfer of 12 billion pounds ($15 billion) in annuities, the largest ever such deal, the firms said on Friday. A UK High Court judge in August blocked the transfer of the annuities, which are closed to new customers, from Prudential's UK business M&G to Rothesay, following complaints from policyholders. The planned deal would have been the largest ever such transfer covering 400,000 policy holders.
- Reuters - UK Focus
Prudential's M&G to appeal judgement blocking annuity transfer-M&G CFO
- Reuters - UK Focus
Rothesay chalks up another record with Allied Domeq pension deal
British-based Rothesay Life broke new ground for the burgeoning pension risk transfer industry on Friday, striking an insurance deal that protects the retirement savings of the largest-ever number of yet-to-retire members. The 3.8 billion pounds ($4.68 billion) 'buy-in' deal sees Rothesay guarantee the benefits for 17,000 pensioners and around 10,000 workers in the Allied Domecq Pension Fund, taking Rothesay's total assets past 50 billion pounds. The deal will see Rothesay assume the risk that investment returns falter or that members live longer than expected, so-called longevity risk, which companies are keen to transfer to insurers and off their balance sheet.
- Reuters - UK Focus
Telent, Rothesay Life agree UK's biggest-ever pension transfer deal
Telecoms firm Telent and insurer Rothesay Life have agreed Britain's biggest ever pension transfer deal, covering 4.7 billion pounds ($5.81 billion) in a move that Telent said would secure future payments to 39,000 members. Companies are increasingly keen to shift pension scheme liabilities off their balance sheet to insurers like Rothesay via deals known as buy-ins and buy-outs, although many, like Telent, have had to wait until their schemes were better funded.
- Reuters - UK Focus
UPDATE 2-Prudential, M&G to split in October into two FTSE 100 firms
Prudential will spin off its UK and European insurance and asset management business M&G in October, Britain's largest insurer said in a prospectus published on Wednesday, dividing the insurance giant into two large-cap stocks. Prudential, founded in 1848 to provide loans to professional workers, announced the plan to hive off its UK arm last year. The split follows a trend among insurance and asset management businesses such as Old Mutual and Standard Life Aberdeen to break up and simplify their operations.
- Reuters
Prudential, M&G to split in October into two FTSE 100 firms
Prudential will spin off its UK and European insurance and asset management business M&G in October, Britain's largest insurer said in a prospectus published on Wednesday, dividing the insurance giant into two large-cap stocks. Prudential, founded in 1848 to provide loans to professional workers, announced the plan to hive off its UK arm last year. The split follows a trend among insurance and asset management businesses such as Old Mutual and Standard Life Aberdeen to break up and simplify their operations.
- Reuters - UK Focus
Legal & General to sell annuities to Prudential pensions savers
British insurer Legal & General will offer annuities to Prudential pension savers in a deal it expects will increase its 2020 annuity sales by 15%, L&G said on Friday. Legal & General is one of the biggest players in annuities in Britain which offer pensioners a fixed income for life. Prudential pulled out of the annuity market in early 2017.
- Stockopedia
Is Prudential expensive at 1454p?
Prudential (LON:PRU) is a £38,478m in the Life amp;amp; Health Insurance industry. Its insurance operations include Asia, the United States (Jackson National8230;
- Fool.co.uk
Why the Aviva share price fell 11% in August
Manika Premsingh believes there’s investor value in the FTSE 100 (INDEXFTSE: UKX) share Aviva plc (LON: AV) despite the share price decline.
- Simply Wall St.
Imagine Owning Prudential (LON:PRU) And Wondering If The 15% Share Price Slide Is Justified
Passive investing in an index fund is a good way to ensure your own returns roughly match the overall market. But if...
