Prudential has announced a new share buyback of up to $1.2bn, as the insurer accelerates capital returns following the listing of its Indian asset management business, according to a report by Bloomberg.

The buyback will include $700m of net proceeds from the IPO of ICICI Prudential Asset Management, with the remaining amount funded through what the company described as recurring capital returns. The programme represents about 3% of Prudential’s issued share capital.

The move follows the December listing of the joint venture with ICICI Bank, which raised about $1.4bn through the IPO and an earlier private placement. Prudential retains a stake of roughly 35% in the unit, which now has a market value of about $15bn.

Prudential has pivoted its business towards Asia and is seeking to lift return on equity to improve shareholder returns. The insurer completed a $2bn buyback in tranches last year and has said it expects to return more than $5bn to shareholders between 2024 and 2027, excluding proceeds from the Indian IPO.

The announcement comes as large financial groups balance growth in high-return markets with disciplined capital management, a theme increasingly relevant for private equity and institutional investors assessing listed financial assets.

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