PrudentialNYSE: PUK

Prudential PLC announced a $2 billion share-repurchase program Sunday, starting with a $700 million tranche.

NEWARK, N.J.--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE: PRU) will participate in the Morgan Stanley 2024 U.S. Financials Conference on Wednesday, June 12, 2024. On that day at approximately 1:45 p.m. ET, Rob Falzon, vice chairman, will participate in an analyst-led fireside chat. Interested parties may listen to the presentation through a live audio webcast on Prudential Financial's Investor Relations website at investor.prudential.com. Please log on at least 15 minutes early to regist.

Prudential plc (PUK) H2 2023 Earnings Call Transcript

Prudential (PUK) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

Prudential stock has been punished all year for its greater China exposure. The ex-China business is, however, still growing strongly, while Hong Kong has continued to defy expectations. At the current low-teens earnings multiple, I think Prudential should quite easily grow into its valuation over time.

Prudential has strong operating momentum and growth prospects, particularly in Asia. The company reported good sales and earnings growth in 9M 2023, driven by strong consumer demand in China and other Asian countries. Prudential's current valuation is attractive compared to its history and peers, making it an interesting growth play in the European insurance sector.

Prudential has been grappling with strict COVID containment policies in Greater China, which has battered its business in Hong Kong. Although still well down from pre-COVID levels, there are signs that visitor numbers and business are recovering. Along with a recovery in Hong Kong, Prudential has great growth prospects in developing Asian markets.