- New business profit up 39% to $1.5bn
- Annual Premium Equivalent up 42% to $3.0bn
- Adjusted operating profit up 6% to $1.5bn
- Interim dividend up 9%
Prudential Continues To Benefit From Increased Activity Across The Asian Region
“There might be trouble in China, but that’s not caused any major hiccups with Prudential plc (LON:PRU)’s performance. The Asian-focused insurance giant continues to benefit from increased activity across the Asian region. In particular, domestic demand in Hong Kong and travellers coming over from mainland China following the opening of the border in February continue to act as a tailwind for new business. Market share performance was encouraging, especially given the tough competitive landscape in the region.
Newly minted CEO, Anil Wadhwani, has now completed his strategic review and set out plans for the medium-term future at Prudential. Nothing here looks like a major overhaul, increased focus on delivering tech distribution and more consistent client journeys across products and geographies all make sense. Organic growth and retention of existing customers look to be key, with the end goal being 15-20% growth in new business profit over the five years to 2027.”
Article by Matt Britzman, equity analyst at Hargreaves Lansdown