Latest news with #Prudential
The Sun
a day ago
- Business
- The Sun
Prudential plc CEO Expresses Strategic Commitment to India in Meeting with Union Finance Minister Nirmala Sitharaman
NEW DELHI, INDIA - Media OutReach Newswire - 20 June 2025 - Prudential plc ('Prudential') Chief Executive Officer, Anil Wadhwani, met yesterday with Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, Government of India, emphasising India's strategic importance to the UK FTSE100 insurer and asset manager operating across Asia and Africa. Prudential provides life insurance solutions in India through ICICI Prudential Life Insurance Company Limited, a preeminent life insurer and the first private insurance company listed in India. It also has a market-leading asset management presence via a separate joint venture with ICICI Bank, ICICI Prudential Asset Management Co. Ltd. Earlier this year, Prudential announced plans to establish a standalone health insurance joint venture with Vama Sundari Investments (Delhi) Private Limited, a promoter company of the HCL Group. During the meeting, Mr. Anil Wadhwani remarked: 'We are deeply proud of our heritage in India, which began with our first branch in Kolkata in 1923. India is a core strategic market for Prudential. As the country advances towards its vision of 'Insurance for All' and continues to address the challenge of underinsurance, we see significant opportunities to bring our global expertise in protection, savings, and health solutions to serve the evolving needs of Indian consumers. Our long-standing connection with India, including our sponsorship of the historic 1983 Cricket World Cup, India's first World Cup victory, reflects our commitment to its growth and aspirations.' Highlighting health as a shared strategic priority, Mr. Wadhwani conveyed the company's commitment to leveraging its global expertise and technology to help Indian consumers access affordable and quality healthcare coverage. This aligns with the Government of India's vision of 'Insurance for All by 2047'. India is not only a key strategic insurance market but also an incredible source of talent. Prudential recently launched a Global Capability Centre in Bengaluru. This strategic hub serves as a global centre for technology, AI, data analytics, cybersecurity, and innovation. Concluding the meeting, Mr. Wadhwani said: 'India's economic progress over the past decade has been remarkable. With sustained capital investment in infrastructure and proactive government economic measures to stimulate growth, we remain excited about India's long term growth prospects. We look forward to continuing our constructive collaboration with the Indian government to support its development goals and to build enduring insurance and technology businesses.' During the visit, Mr. Wadhwani also met with senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) and the Prime Minister's Office.
Zawya
a day ago
- Business
- Zawya
Prudential plc CEO Expresses Strategic Commitment to India in Meeting with Union Finance Minister Nirmala Sitharaman
Anil Wadhwani highlights Prudential's historic ties, its proposed new health insurance joint venture partnership with the HCL Group, existing joint venture partnership with ICICI, Prudential's Global Capability Centre, and alignment with India's 'Insurance for All by 2047' vision NEW DELHI, INDIA - Media OutReach Newswire - 20 June 2025 - Prudential plc ("Prudential") Chief Executive Officer, Anil Wadhwani, met yesterday with Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, Government of India, emphasising India's strategic importance to the UK FTSE100 insurer and asset manager operating across Asia and Africa. Prudential provides life insurance solutions in India through ICICI Prudential Life Insurance Company Limited, a preeminent life insurer and the first private insurance company listed in India. It also has a market-leading asset management presence via a separate joint venture with ICICI Bank, ICICI Prudential Asset Management Co. Ltd. Earlier this year, Prudential announced plans to establish a standalone health insurance joint venture with Vama Sundari Investments (Delhi) Private Limited, a promoter company of the HCL Group. During the meeting, Mr. Anil Wadhwani remarked: "We are deeply proud of our heritage in India, which began with our first branch in Kolkata in 1923. India is a core strategic market for Prudential. As the country advances towards its vision of 'Insurance for All' and continues to address the challenge of underinsurance, we see significant opportunities to bring our global expertise in protection, savings, and health solutions to serve the evolving needs of Indian consumers. Our long-standing connection with India, including our sponsorship of the historic 1983 Cricket World Cup, India's first World Cup victory, reflects our commitment to its growth and aspirations." Highlighting health as a shared strategic priority, Mr. Wadhwani conveyed the company's commitment to leveraging its global expertise and technology to help Indian consumers access affordable and quality healthcare coverage. This aligns with the Government of India's vision of "Insurance for All by 2047". India is not only a key strategic insurance market but also an incredible source of talent. Prudential recently launched a Global Capability Centre in Bengaluru. This strategic hub serves as a global centre for technology, AI, data analytics, cybersecurity, and innovation. Concluding the meeting, Mr. Wadhwani said: "India's economic progress over the past decade has been remarkable. With sustained capital investment in infrastructure and proactive government economic measures to stimulate growth, we remain excited about India's long term growth prospects. We look forward to continuing our constructive collaboration with the Indian government to support its development goals and to build enduring insurance and technology businesses." During the visit, Mr. Wadhwani also met with senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) and the Prime Minister's Office. On X: Hashtag: #Insurance #Business #Prudential The issuer is solely responsible for the content of this announcement. Background on Prudential in India Prudential has over 100 years of history in India. It has offered life insurance solutions in India since the 2001 establishment of ICICI Prudential Life Insurance Company Limited, a joint venture with ICICI Bank, and it has consistently been amongst the top companies in the Indian life insurance sector. ICICI Prudential Life is also the first insurance company in India to be listed on both the National Stock Exchange and Bombay Stock Exchange. Prudential also has a longstanding partnership with ICICI in ICICI Prudential Asset Management Company, one of India's largest asset management firms, through its asset management business Eastspring Investments. Prudential proudly sponsored the historic 1983 Cricket World Cup, a landmark moment when India lifted the trophy and inspired generations. About Prudential plc Prudential plc (UK) provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential's mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. Prudential plc (UK) is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom. Prudential plc
Malay Mail
a day ago
- Business
- Malay Mail
Prudential plc CEO Expresses Strategic Commitment to India in Meeting with Union Finance Minister Nirmala Sitharaman
Anil Wadhwani highlights Prudential's historic ties, its proposed new health insurance joint venture partnership with the HCL Group, existing joint venture partnership with ICICI, Prudential's Global Capability Centre, and alignment with India's 'Insurance for All by 2047' vision Centre Left: Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, Government of India; Centre Right: Anil Wadhwani, Chief Executive Officer, Prudential plc NEW DELHI, INDIA - Media OutReach Newswire - 20 June 2025 - Prudential plc ("Prudential") Chief Executive Officer, Anil Wadhwani, met yesterday with Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, Government of India, emphasising India's strategic importance to the UK FTSE100 insurer and asset manager operating across Asia and provides life insurance solutions in India through ICICI Prudential Life Insurance Company Limited, a preeminent life insurer and the first private insurance company listed in India. It also has a market-leading asset management presence via a separate joint venture with ICICI Bank, ICICI Prudential Asset Management Co. Ltd. Earlier this year, Prudential announced plans to establish a standalone health insurance joint venture with Vama Sundari Investments (Delhi) Private Limited, a promoter company of the HCL the meeting,remarked: "We are deeply proud of our heritage in India, which began with our first branch in Kolkata in 1923. India is a core strategic market for Prudential. As the country advances towards its vision of 'Insurance for All' and continues to address the challenge of underinsurance, we see significant opportunities to bring our global expertise in protection, savings, and health solutions to serve the evolving needs of Indian consumers. Our long-standing connection with India, including our sponsorship of the historic 1983 Cricket World Cup, India's first World Cup victory, reflects our commitment to its growth and aspirations."Highlighting health as a shared strategic priority,conveyed the company's commitment to leveraging its global expertise and technology to help Indian consumers access affordable and quality healthcare coverage. This aligns with the Government of India's vision of "Insurance for All by 2047".India is not only a key strategic insurance market but also an incredible source of talent. Prudential recently launched a Global Capability Centre in Bengaluru. This strategic hub serves as a global centre for technology, AI, data analytics, cybersecurity, and the meeting,said: "India's economic progress over the past decade has been remarkable. With sustained capital investment in infrastructure and proactive government economic measures to stimulate growth, we remain excited about India's long term growth prospects. We look forward to continuing our constructive collaboration with the Indian government to support its development goals and to build enduring insurance and technology businesses."During the visit, Mr. Wadhwani also met with senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) and the Prime Minister's X: Hashtag: #Insurance #Business #Prudential The issuer is solely responsible for the content of this announcement. Background on Prudential in India Prudential has over 100 years of history in India. It has offered life insurance solutions in India since the 2001 establishment of ICICI Prudential Life Insurance Company Limited, a joint venture with ICICI Bank, and it has consistently been amongst the top companies in the Indian life insurance sector. ICICI Prudential Life is also the first insurance company in India to be listed on both the National Stock Exchange and Bombay Stock Exchange. Prudential also has a longstanding partnership with ICICI in ICICI Prudential Asset Management Company, one of India's largest asset management firms, through its asset management business Eastspring Investments. Prudential proudly sponsored the historic 1983 Cricket World Cup, a landmark moment when India lifted the trophy and inspired generations. About Prudential plc Prudential plc (UK) provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential's mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. Prudential plc (UK) is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
Globe and Mail
2 days ago
- Business
- Globe and Mail
Will PGIM's $3B Facility Help Affirm Scale its BNPL Offerings Fast?
Affirm Holdings, Inc. AFRM has expanded its partnership with PGIM Fixed Income by establishing a new $3 billion revolving loan sale facility. This arrangement allows PGIM, a Prudential Financial, Inc. PRU unit, to purchase up to $500 million of Affirm's consumer loans at any given time over a 36-month period. This pass-through facility builds on PGIM's earlier $500 million investment made in December 2024 and reflects growing confidence in Affirm's loan portfolio. Through this facility, Affirm secured a reliable and flexible funding source for its buy now, pay later ('BNPL') offerings without the need to frequently tap volatile public debt markets. This development is significant because it enhances Affirm's financial stability and scalability. The revolving structure provides predictable access to capital, allowing Affirm to support loan growth and meet consumer demand even in fluctuating market conditions. It also demonstrates how large institutional investors like PGIM (over $145 billion in AUM) are increasingly embracing private credit arrangements with fintech companies. This is a positive signal for the broader BNPL industry as it matures into an asset class that significantly appeals to mainstream credit investors. Financially, the deal improves Affirm's funding flexibility and may reduce its overall cost of capital by limiting reliance on more expensive or less predictable public financing options. It also helps manage balance sheet risks, as the revolving structure caps the loan exposure at any time, ensuring liquidity and operational efficiency. Overall, this facility strengthens Affirm's capital position, supports growth and boosts investor confidence in its long-term business model. How PayPal and Block Are Expanding in the BNPL Space? PayPal Holdings, Inc. PYPL is strengthening its BNPL presence by launching a new physical PayPal Credit Mastercard, expanding usage both online and in stores. PYPL is also piloting in-store 'Pay Later' options in Germany, aligning with its 'PayPal Everywhere' strategy to drive broader adoption across retail channels. Meanwhile, Block, Inc. 's XYZ Afterpay is deepening its BNPL reach by integrating services into Cash App, offering in-app financing for eligible users. Additionally, Afterpay has expanded partnerships with merchants like StitchFix, PetMeds and Mejuri, enhancing its visibility at checkout. Both PayPal and Block are targeting seamless omnichannel experiences to capture the growing BNPL market. Affirm's Price Performance, Valuation and Estimates Shares of Affirm have gained 1.3% year to date, underperforming the broader industry and in line with the S&P 500 Index. Affirm's YTD Price Performance From a valuation standpoint, Affirm trades at a forward price-to-sales ratio of 5.09X, down from the industry average. AFRM carries a Value Score of F. The Zacks Consensus Estimate for Affirm's fiscal 2025 earnings implies a 100.6% improvement year over year, followed by massive growth next year. Image Source: Zacks Investment Research The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Only $1 to See All Zacks' Buys and Sells We're not kidding. Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent. Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators, and more, that closed 256 positions with double- and triple-digit gains in 2024 alone. See Stocks Now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Prudential Financial, Inc. (PRU): Free Stock Analysis Report PayPal Holdings, Inc. (PYPL): Free Stock Analysis Report Affirm Holdings, Inc. (AFRM): Free Stock Analysis Report Block, Inc. (XYZ): Free Stock Analysis Report
Yahoo
2 days ago
- Business
- Yahoo
Will PGIM's $3B Facility Help Affirm Scale its BNPL Offerings Fast?
Affirm Holdings, Inc. AFRM has expanded its partnership with PGIM Fixed Income by establishing a new $3 billion revolving loan sale facility. This arrangement allows PGIM, a Prudential Financial, Inc. PRU unit, to purchase up to $500 million of Affirm's consumer loans at any given time over a 36-month period. This pass-through facility builds on PGIM's earlier $500 million investment made in December 2024 and reflects growing confidence in Affirm's loan portfolio. Through this facility, Affirm secured a reliable and flexible funding source for its buy now, pay later ('BNPL') offerings without the need to frequently tap volatile public debt markets. This development is significant because it enhances Affirm's financial stability and scalability. The revolving structure provides predictable access to capital, allowing Affirm to support loan growth and meet consumer demand even in fluctuating market conditions. It also demonstrates how large institutional investors like PGIM (over $145 billion in AUM) are increasingly embracing private credit arrangements with fintech companies. This is a positive signal for the broader BNPL industry as it matures into an asset class that significantly appeals to mainstream credit investors. Financially, the deal improves Affirm's funding flexibility and may reduce its overall cost of capital by limiting reliance on more expensive or less predictable public financing options. It also helps manage balance sheet risks, as the revolving structure caps the loan exposure at any time, ensuring liquidity and operational efficiency. Overall, this facility strengthens Affirm's capital position, supports growth and boosts investor confidence in its long-term business model. PayPal Holdings, Inc. PYPL is strengthening its BNPL presence by launching a new physical PayPal Credit Mastercard, expanding usage both online and in stores. PYPL is also piloting in-store 'Pay Later' options in Germany, aligning with its 'PayPal Everywhere' strategy to drive broader adoption across retail channels. Meanwhile, Block, Inc.'s XYZ Afterpay is deepening its BNPL reach by integrating services into Cash App, offering in-app financing for eligible users. Additionally, Afterpay has expanded partnerships with merchants like StitchFix, PetMeds and Mejuri, enhancing its visibility at checkout. Both PayPal and Block are targeting seamless omnichannel experiences to capture the growing BNPL market. Shares of Affirm have gained 1.3% year to date, underperforming the broader industry and in line with the S&P 500 Index. Image Source: Zacks Investment Research From a valuation standpoint, Affirm trades at a forward price-to-sales ratio of 5.09X, down from the industry average. AFRM carries a Value Score of F. Image Source: Zacks Investment Research The Zacks Consensus Estimate for Affirm's fiscal 2025 earnings implies a 100.6% improvement year over year, followed by massive growth next year. Image Source: Zacks Investment Research The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Prudential Financial, Inc. (PRU) : Free Stock Analysis Report PayPal Holdings, Inc. (PYPL) : Free Stock Analysis Report Affirm Holdings, Inc. (AFRM) : Free Stock Analysis Report Block, Inc. (XYZ) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
