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Prudential achieves quarterly rise in new business sales and profit

28th Apr 2023 09:52

(Alliance News) - Prudential PLC on Thursday reported an increase in its quarterly annual premium equivalent business sales as it expects continued momentum in Hong Kong in the second half of 2023.

The London-based, Asia-focused insurer said APE new business sales were up 29% to USD1.56 billion for the first quarter of 2023 from USD1.21 billion a year earlier. At constant exchange rates, APE sales grew 35%.

New business profit for the quarter was up 30% to USD743 million a year earlier. New business margin, however, amounts to 48%, edging down from 49%.

Chief Executive Officer Anil Wadhwani said: "The strength of our distribution capabilities and the diversification of the business across country, product and channel contributed to our performance in the first quarter. 10 out of the 13 life insurance markets in Asia, as well as Africa, achieved double-digit growth1 in new business profit."

Looking ahead, Prudential said the business momentum, especially in Hong Kong, has continued to date in the second quarter. It said it is confident to "meet the growing health, protection and savings needs of our customers in Asia and Africa".

Prudential added that it has seen further redemptions by the London, UK-based global investment manager M&G PLC of USD1.7 billion in the period and expects a significant proportion of their remaining funds to exit in 2023.

Shares were up 1.6% at 1,181.50 pence each on Friday morning in London.

By Xindi Wei, Alliance News reporter

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