Prudential has seen a rise in profits and sales over the third quarter, although growth slowed slightly compared to its first half results.
The multinational insurance company reported that business profit for the nine months to 30 September was up 37 per cent to $2.143million (around £1.725million).
However, this was less than the 39 per cent increase in growth the business experienced in the first half of the year.
The multinational insurance company revealed that business profit for the nine months to 30 September was up 37 per cent to $2.143million (around £1.725million)
The company also revealed that fifteen of its life markets across Asia and Africa delivered double-digit growth in new business profit.
The firm also saw Annual Premium Equivalent sales rise year-to-year by 40 per cent to $4.417million (around £3.56million) thanks to the group’s Hong Kong market.
However this was down from the 42 per cent growth in the first six months of the year.
Despite this, CEO Anil Wadhwani, said that consumer demand in Asia remained ‘resilent’.
He said: ‘The new business momentum we saw in the first half of 2023 continued in the third quarter.
‘The strength of our distribution capabilities and the diversification of the business across markets, products and channels drove our performance in the nine months to 30 September 2023, with fifteen of our life markets across Asia and Africa delivering double-digit growth in new business profit.
‘Consumer demand in Asia remained resilient and we have seen ongoing demand for both savings and health and protection products from both domestic and Chinese Mainland visitor customers in Hong Kong.’
In August, Wadhwani, who took over in February, set out plans to boost profits and shareholder payouts following a pivot towards Asian markets.
The Hong Kong-based boss revealed the strategy when he updated the market on the insurance company’s half-year results, vowing it will ‘do things differently’.
Wadhwani said paying dividends was a ‘priority’ as the company set a 7 to 9 per cent target for annual dividend growth in 2023 and 2024.
He also outlined an ambitious goal to generate between 15 and 20 per cent compound annual growth in new business profit in the five years to 2027.
Prudential shares fell by 0.31 per cent to 896.60p in Monday midday trading.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
Interactive Investor
Interactive Investor
Flat-fee investing from £4.99 per month
EToro
EToro
Social investing with CopyTrader feature
Bestinvest
Bestinvest
Free financial coaching
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
