Prudential’s nine-month profit rises on strong performance

PRUDENTIAL on Wednesday reported an 11% increase in new business profit in the first nine months of fiscal year 2024, as the Asia-focused insurer benefited from strong performances from all its segments.

The company uses various channels to distribute its products, which has led to a broad increase in new business profit in regions such as Greater China, Asean and Africa, it said in a statement.

The group’s annual premium equivalent (APE) sales were $4.64 billion for the period, up 7% at constant exchange rates.

The insurer said it is on track for its estimated new business profit growth trajectory for 2024 of 9% to 13%.

The dual-listed London and Hong Kong company posted a new operating profit of $2.35 billion for the nine months ended September 30 at constant exchange rates, up from $2.14 billion last year.

Prudential has entered into a long-term partnership with Bank Syariah Indonesia, Indonesia’s largest Islamic lender, which provides access to approximately 20 million customers, CEO Anil Wadhwani said.

Prudential has also taken full ownership of its life operations in Nigeria, Wadhwani added. Reuters