Q4 snap: 20% lift to dividend, 22% tax in 2018
We calculate that 4Q17 was a 1-2% beat at the normalised EPS line. RIS was ahead of our forecasts but much of this was due to exceptionally strong incentive & transaction fees. Individual Annuities was stronger thanks to good gross inflows, higher account values and a strong RoA. Life was weak due to a poor result in Group Insurance, and International was impacted by higher expenses and less favourable policy benefits experience. The outlook was more positive with the quarterly dividend lifted by 20% to $0.90 and effective tax rate in 2018 guided to 22%.Prudential Financial is a holding company. Through its subsidiaries and affiliates, the company provides a range of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management. The company provides these products and services to individual and institutional customers. The company's principal operations are comprised of PGIM (its global investment management business), its United States Businesses (consisting of its United States Workplace Solutions, United States Individual Solutions, and Assurance IQ divisions), its International Businesses, the Closed Block division and its Corporate and Other operations.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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