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PRU Says Transformation Going Swimmingly; Private Equity Exposure Secure
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PRU (02378.HK) CEO Anil Wadhwani stated at the earnings press conference that the group's transformation process is more than halfway through. The transformation strategy, which involves an investment of USD1 billion upon launch, is going swimmingly, focusing on three main areas: distribution (particularly agency channels), establishing a dedicated health vertical, and enhancing customer experience. Future investments will continue to accelerate in these areas, leveraging technology, data, and AI platforms. The group is confident in achieving two targets: generating at least USD4.4 billion in operating free surplus from effective insurance and asset management businesses next year, and a CAGR of new business profit between 15% and 20% from 2022 to 2027. Regarding recent risks in the private credit market, CFO Ben Bulmer stated that the group's balance sheet is solid and capital adequate. The vast majority of assets are publicly traded and marked to market. Shareholders' exposure to private equity assets is minimal, amounting to only USD70-80 million. He accentuated that the group's small amount of private equity assets are highly diversified in terms of industry and region, the group only works with managers who have the best asset creation capabilities, and the group also has a dedicated team to manage the relevant assets, so this part of the exposure is secure. AASTOCKS Financial News Website: www.aastocks.com |
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