Prudential board authorizes another $1 billion in share repurchases
The board of directors of Prudential Financial, Inc., has authorized the repurchase of up to $1 billion of its outstanding common stock between July 1, 2014 and June 30, 2015, the Newark, NJ-based company said in a release this week.
Between June 2013 and March 31, 2014, the company repurchased approximately $750 million of its Common Stock.
“Management will determine the timing and amount of any share repurchases under the share repurchase authorizations based on market conditions and other considerations. The repurchases may be effected in the open market, through derivative, accelerated repurchase and other negotiated transactions, and through plans designed to comply with Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended,” the release said.
MetLife to buy back $1 billion of its common stock
MetLife, Inc. announced that it will resume share repurchases and intends to repurchase up to $1 billion in MetLife, Inc. common stock. The company will utilize existing authorizations from the board of directors to repurchase MetLife, Inc. common stock. The last time MetLife repurchased shares was 2008.
Commenting on the announcement, Chairman, President and Chief Executive Officer Steven A. Kandarian said: “Our philosophy is that excess capital belongs to our shareholders. The challenge is to strike the right balance between adherence to our philosophy and recognition that MetLife’s required capital levels remain unknown if we are designated a non-bank systemically important financial institution, or SIFI, under the Dodd-Frank Act.
“We anticipated that the non-bank SIFI capital rules would be known by now, but recent statements by the Federal Reserve suggest that we may not see draft rules until 2015. Meanwhile, our capital continues to grow, and later this year we will raise $1 billion as the last tranche of equity units issued to fund the Alico purchase converts to common shares.”
AIG names Peter Hancock as next CEO
The board of directors of American International Group, Inc., has named Peter D. Hancock to succeed Robert H. Benmosche as AIG’s president and Chief Executive Officer and join AIG’s board, effective September 1, according to a release by AIG this week.
Mr. Hancock will also join AIG’s Board of Directors, effective September 1. He and will succeed Robert H. Benmosche, who currently is AIG President and Chief Executive Officer.
Hancock, 55, currently serves as executive vice president, AIG, and CEO of AIG Property Casualty. He joined AIG in 2010 and was named CEO of AIG Property Casualty in March 2011, when the division was reorganized into two major global groups: Commercial and Consumer. He had previously served as Executive Vice President, Finance, Risk, and Investments, AIG.
Before coming to AIG, Hancock was vice chairman, responsible for Key National Banking, at KeyCorp. Earlier, he spent 20 years at J.P. Morgan, where he established the Global Derivatives Group, ran the Global Fixed Income business and Global Credit portfolio, and served as the firm’s chief financial officer and chief risk officer. He also co-founded and served as president of Integrated Finance Limited, an advisory firm specializing in strategic risk management, asset management, and innovative pension solutions.
Mr. Hancock was raised in Hong Kong and later attended Oxford University, where he earned his Bachelor of Arts degree in politics, philosophy, and economics.
Plumvo, a “social finance” site, is launched by Peridrome
Plumvo, a new website designed to “help people build and maintain financial plans, allows users to build comprehensive plans for retirement, college funding and other goals and to link the goals to specific pools of assets,” has been launched by Peridrome Corp., the company said this week. A free preview version of Plumvo was also released.
In a release, Plumvo co-founder Gib Veconi said the tool was designed to “accommodate the various and personal ways people think about their goals and money instead of expecting individuals to fit their lives into narrowly-focused forms and spreadsheets.” “People do not experience retirement the same way and they do not save and invest the same way,” he said. “Everyone has a different set of plans and expenses. Plumvo allows each member to develop a personalized plan, unlike any other, that reflects their unique situation.”
Peridrome (the names means “a genus of moths”) is a marketing service for wealth managers, and Plumvo is apparently aimed at advisers as well as individuals. According to the Plumvo website:
“In the future, Plumvo will also become a great new place for financial professionals to reach new clients who are already actively engaged in financial planning. Once a member has organized her finances and identified her goals, she is in a better position to make decisions informed by professional advice. Both advisor and client benefit from a deeper relationship, built on a shared understanding of the client’s current situation and goals. Plumvo will also keep you up to date on changes in your clients’ plans and provide opportunities to introduce products and services on a timely basis.”
Securian president will also serve as CEO
Securian Financial Group announced that president Christopher M. Hilger will also serve as chief executive officer, effective January 1, 2015. Chairman and CEO Robert L. Senkler, 61, who will retire from active management after serving as CEO for 20 years, will remain as chairman of the board of directors.
Hilger, 49, will be the 13th CEO in Securian’s 134-year history. He was appointed president in 2012.
A 27-year veteran of the insurance industry, Hilger also serves as CEO of Allied Solutions LLC, a Securian subsidiary headquartered in Indianapolis, IN that distributes insurance products and services to financial institutions. He joined Securian’s management team in 2004 when the company purchased Allied Solutions and was subsequently named senior vice president of Securian’s Financial Institution Group. In 2010, he was promoted to executive vice president with the added accountability for the company’s group insurance business. In 2012, he was appointed president with responsibility for all of Securian’s businesses.
Hilger holds a bachelor’s degree from Indiana University. Senkler, a 40-year veteran of the company, has served as chief executive officer since July 1994. Under his direction, the insurance protection the company provides grew at a compound annual rate of 12% to more than $1 trillion and assets under management quadrupled. The company expanded its St. Paul, MN headquarters to over one million square feet of office space, and its national workforce grew to more than 3,700.
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