30th Apr 2025 10:18
(Alliance News) - Prudential PLC on Wednesday said it continues to evaluate options for its Indian asset management business as it reported double-digit growth in new business profit in the first quarter.
The London-based, Asia-focused insurer said new business profit on a traditional embedded value basis rose 12% to USD608 million in the first quarter of 2025 from USD543 million a year prior at constant currency.
The new business margin improved to 36% from 34%, Prudential added.
Annual premium equivalent sales increased by 4.3% to USD1.68 billion in the quarter from USD1.61 billion a year ago at constant currency.
Chief Executive Anil Wadhwani new business profit growth is consistent "with our guidance that we expect 2025 new business profit to grow by more than 10%."
Wadhani said he remains "confident that, despite the wider macroeconomic uncertainty, our robust solvency position and multi-channel, multi-market franchise situates us well for long-term success."
He added Prudential continues to evaluate a potential listing of its India asset management business, with the intention that net proceeds would be returned to shareholders.
Prudential said it delivered double-digit growth in new business profit for the first three months of 2025 in Hong Kong, Singapore, Taiwan, Philippines and in Indonesia.
But Malaysia saw new business profit decline on the back of a strong prior period comparator.
Prudential said its dispute with Detik Ria, the 49% per cent shareholder in SHS, the holding company of Prudential Assurance Malaysia Berhad, is ongoing.
This includes a new claim notified to Prudential by Detik Ria regarding dividends for the equivalent of approximately USD813 million plus interest.
Prudential said it does not admit liability for any of the claims made by Detik Ria and will "vigorously pursue" its defence including any available claims and counterclaims.
In 2019, Prudential filed a legal action against Detik Ria after it failed to complete the share transfer of its 49% stake in SHS.
Shares in Prudential were down 2.5% at 784.34 pence each in London on Wednesday morning.
By Jeremy Cutler, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Prudential