Prudential PLC on Wednesday announced plans to return more than $5 billion to shareholders between 2024 and 2027, as the Asia-focused insurer reported a 6% rise in first-half adjusted operating profit.
The capital return plan includes an existing $2 billion share buyback program, supplemented by new buybacks of $500 million in 2026 and $600 million in 2027, the company said.
Prudential also guided for annual dividend growth of more than 10% for the years 2025 through 2027.
For the six months ended June 30, adjusted operating profit before tax rose to $1.64 billion from $1.54 billion a year earlier.
New business profit, a key measure of future profitability, increased by 12% to $1.26 billion.
The company raised its first interim dividend by 13% to 7.71 cents per share.
"We have reached the inflection point in our capital generation, enabling us to update our capital management programme and increase shareholder returns, which validates our business model and its ability to generate sustainable cash returns," CEO Anil Wadhwani said in a statement.
The insurer, which focuses on markets in Asia and Africa, said it repurchased $711 million worth of its shares in the first half of the year.
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Prudential PLC reported a 13% rise in third-quarter new business profit, driven by continued strong performance in its key Asian markets.