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UK-based Prudential plc has completed the sale of a further 2 percent stake in its Indian joint venture, ICICI Prudential Asset Management Company. The block transaction contributed to a notable decline in the company's share price over recent trading sessions.
Prudential plc is focusing on expanding its presence in India's life insurance sector, eyeing opportunities through a potential deal with Bharti Life Insurance.
Prudential has reported a 10 percent increase in first-half new business profit and announced a $300 million share repurchase program. The company noted that while overall profitability rose, growth in new business volumes has begun to slow.
JPMorgan has decreased its price target for Prudential plc (PUK) to 1,450 GBp.
To comply with minimum public shareholding regulations, UK-based Prudential is divesting a portion of its holdings in India's second-largest asset manager.
Deutsche Bank has raised its price target on Prudential plc (PUK) shares to 1,440 GBp from 1,355 GBp, indicating a positive outlook for the company.