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Prudential Raises Dividend

The big insurer also approves a stock buyback.

Prudential Financial

(PRU) - Get Prudential Financial, Inc. Report

has propped up its annual dividend by 22%, to 95 cents a share.

The Newark, N.J., insurer says it will pay the dividend on Dec. 21 to shareholders of record as of Nov. 27.

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Prudential, which has $586 billion in assets under management, has also authorized a new share-buyback plan $3 billion for next year. The company still has $300 million worth of common stock to repurchase under its current buyback plan.

Shares of Prudential closed up 33 cents on Tuesday at $79