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Prudential PLC reported its full-year 2022 results, showcasing a 9% increase in APE sales totaling $4,393 million. However, new business profit decreased by 11% to $2,184 million. Adjusted operating profit rose by 8% to $3,375 million, with EEV operating profit up 15% to $3,952 million. Shareholders enjoyed a second interim dividend of 13.04 cents per share, leading to a total dividend of 18.78 cents, up 9%. The company is optimistic about 2023, with a 15% rise in APE sales reported for the first two months.
On October 10, 2022, Prudential plc and Google Cloud announced a strategic partnership aimed at enhancing health and financial inclusion across Asia and Africa. Prudential will utilize Google Cloud's data analytics and AI tools to improve its digital platform, Pulse, which offers health and wealth management services to users. This collaboration aims to make healthcare and financial services more accessible, particularly for underserved communities. The partnership builds on their previous relationship established in 2019 and looks to leverage advanced technology for better user engagement and operational efficiency.
Prudential PLC reported a strong performance for the financial year 2021, with APE sales increasing by 8% to $4,194 million and new business profit rising 13% to $2,526 million. The company successfully completed its strategic repositioning to focus on Asia and Africa. Adjusted operating profit from continuing operations was up 16% to $3,233 million. The Group announced a second interim dividend of 11.86 cents per share, bringing the total for the year to 17.23 cents. The business continues to adapt amid the pandemic and geopolitical challenges, maintaining a strong balance sheet.
Prudential plc has announced the retirement of Mike Wells, Group CEO, effective end of March 2022. He has led the company's transformation towards an Asia and Africa-focused business since 2015. Mark FitzPatrick, currently Group CFO, will serve as Interim Group CEO. James Turner will succeed FitzPatrick as Group CFO, while Avnish Kalra will take over as Group Chief Risk & Compliance Officer. The appointments are part of a strategic shift to base the leadership in Asia, reflecting Prudential's market focus.
Jackson Financial Inc. (NYSE: JXN) announced a $125 million stock repurchase from Prudential plc (NYSE: PUK) and Athene Co-Invest Reinsurance Affiliate 1A Ltd. This transaction forms part of a larger $300 million share buyback program. To date, approximately $185 million has been spent repurchasing 2,242,516 shares from Prudential and 1,134,767 shares from Athene. The repurchases are funded through cash reserves, with management retaining flexibility on future buybacks based on market conditions.
Jackson Financial Inc. has successfully completed its separation from Prudential plc (NYSE: PUK) via a demerger, now operating as an independent company. Its Class A common stock is set to start trading on the New York Stock Exchange under the symbol 'JXN' on September 20, 2021. Jackson, a leader in U.S. retirement services, aims for sustainable growth and value creation for shareholders. The demerger was approved by Prudential shareholders on August 27, 2021, with existing Prudential investors receiving shares of Jackson stock.
Jackson National Life Insurance Company has enhanced its Retirement Expense & Income Calculator, now featuring an income gap analysis that helps financial professionals project their clients' retirement expenses.
By utilizing Consumer Expenditures Survey data, the tool allows users to identify essential retirement expenses and calculate the income gap. The innovative Proposed Gap Solution, powered by the Hedgeness Income Engine, illustrates potential investments needed to cover this gap. These updates aim to assist financial professionals in providing tailored retirement solutions.
Jackson Financial Inc. announced the appointment of Carrie Chelko as Executive Vice President, General Counsel, and Secretary, effective August 30, 2021. Chelko, previously with Fidelity Investments, will support Jackson’s transition to an independent public company, completing its separation from Prudential by September 13, 2021, pending shareholder approval. Chelko replaces Julia Goatley, who served as interim EVP and will retire post-separation. CEO Laura Prieskorn highlighted Chelko's extensive regulatory experience as vital for Jackson’s growth in U.S. retirement income solutions.
Jackson Financial Inc. has made its investor presentation available online, highlighting its market-leading capabilities, growth opportunities, and financial performance. The company is on track for separation from Prudential plc, with completion anticipated on September 13, pending shareholder approval. Jackson aims to clarify retirement planning while offering a range of annuity products and has received accolades for service excellence over the years.
Jackson National Life Insurance Company has launched the Jackson Retirement Investment Annuity (JRIA), a fee-based variable annuity aimed at independent registered investment advisors. This product enables clients to grow assets tax-deferred, generate protected income, and preserve legacy. Key features include a core contract charge of 0.40%, investment options with tax deferral, and the Jackson +Protect living benefit. The company aims to enhance its distribution efforts to meet the needs of RIAs and improve retirement planning outcomes.
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