6th Nov 2024 10:16
(Alliance News) - Asia-focused insurer Prudential PLC on Wednesday said it is on track for its new business profit growth expectations in 2024, as it posted 10% growth in the year-to-date.
Separately, fellow insurer Phoenix Group Holdings PLC said it has hired the former chief financial officer of Prudential to be its own new CFO.
Prudential shares were up 3.2% to 668.47 pence early on Wednesday in London.
Phoenix Group was down 0.8% at 492.09p.
The wider FTSE 100 was up 1.3% at the market reacted to the apparent victory of Donald Trump in the US presidential election.
London-based Prudential said new business profit was USD2.35 billion in the year to September 30, up 10% from USD2.14 billion a year before, or up 11% at constant currency. New business sales were up 5.0% to USD4.64 billion from USD4.42 billion, or up 7% at constant currency.
By sales regions in the nine months, new business profit was up 8% on a year before in Hong Kong. Growth was 12% on the Chinese mainland for joint venture CITIC Prudential Life. It was 15% in Singapore. However, new business profit was down 6% on year in Malaysia and down 2% in Indonesia, amid a changes in sales and channel mix.
Prudential said it remains on track for its expected 2024 net business profit growth of 9% to 13% at constant exchange rates.
"Our new business performance in the third quarter saw our momentum continue as expected," said Chief Executive Officer Anil Wadhwani. He cited Prudential's recently announced partnership with with Bank Syariah Indonesia as an example of expanding distribution in south east Asian markets.
London-based Phoenix said Nic Nicandrou will join the company as CFO and executive director on December 2, replacing Interim CFO Stephanie Bruce. Nicandrou was CEO of Prudential Asia & Africa, Prudential's largest division, prior to which he as group CFO for eight years.
Nicandrou left Prudential when Wadhwani succeeded Mike Wells as group CEO at the start of last year. Nicandrou previous to Prudential had worked at insurer Aviva PLC for 11 years.
By Tom Waite, Alliance News editor
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