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PRIVACY
Professional Services

Prudential reports 11% rise in business profit, buoyed by strong performance in China and Southeast Asia

The Asia-focused insurer said it had notched £2.35bn in new business profit across its global markets for the first nine months of its year, an 11 per cent rise on the same period last year

Prudential(Image: Tim Ireland/PA Wire)

FTSE 100 insurer Prudential has reported a surge in new business profit for the first nine months of its financial year, citing "broad based growth" across its international markets.

In its third-quarter trading update, the Asia-centric insurance giant revealed it had achieved £2.35 billion in new business profit globally, marking an 11% increase from the same period last year, with significant contributions from China, Southeast Asia, and Africa, as reported by .

Prudential's annual premium equivalent (APE) sales reached $4.64 billion (£3.6 billion) over the period, representing a 7% uptick on a constant exchange rate basis.

"Our multi-channel distribution model has driven broad based new business profit growth including, on a total regional basis, in Greater China, ASEAN and Africa," commented Prudential CEO Anil Wadhwani.

The company expressed confidence in meeting its projected new business profit growth trajectory of 9% to 13% by 2024.

Additionally, Prudential has entered into a strategic partnership with Bank Syariah Indonesia, the country's largest Islamic bank, potentially accessing around 20 million customers, according to CEO Anil Wadhwani.

Prudential also updated on the progress of its $2 billion (£1.6 billion) share buyback programme, with 66 million shares repurchased at a cost of £437 million as of the end of October.

Despite these positive developments, Prudential's market value has seen a decline over the past year amid economic deceleration in Asian markets.