Prudential Share News (PRU)

(Alliance News) - Prudential PLC on Thursday hailed continuing momentum in the business as it reported double-digit growth in new business profit and sales in the third quarter.

The London-based insurer focused on Asia said new business profit rose 14% to USD705 million in the third quarter from USD616 million the year prior, or by 13% at constant currency, with an improved NBP margin of 41% compared to 40% a year ago.

Annual premium equivalent sales increased by 12% to USD1.72 billion from USD1.53 billion, or by 10% at constant currency.

Chief Executive Anil Wadhwani said the "momentum of our delivery continues" with another quarter of double-digit growth in the quarter.

"We are pleased with the consistency of our overall performance so far this year, which puts us firmly on track to achieve our 2025 guidance and our 2027 financial objectives," he added.

Shares in Prudential were down 0.6% at 1,053.00 pence each in London on Thursday morning.

Hong Kong delivered another quarter of double-digit NBP growth year-on-year, but Indonesia saw NBP fall, affected by a period of civil unrest.

In Mainland China, the joint venture, CITIC Prudential Life, delivered strong growth momentum in the quarter, with double-digit volume and new business profit growth in both agency and bancassurance.

Prudential also reported NBP growth in Malaysia and Singapore.

CEO Wadhwani noted that "volumes grew and new business margin improved as we continue to prioritise writing high-quality new business. Growth in new business profit through our bancassurance channel and agency channels continued at similar levels to the first half."

Wadhwani said Prudential continues to invest in south-east Asian markets where it sees an opportunity to build on the agency new business profit growth achieved in the markets of China.

Initiatives cover aspects such as "improving agent quality, increasing activation and enhancing productivity," he said.

Bancassurance delivered another quarter of strong growth with margins continuing to be higher year-on-year.

In addition, Prudential said it continues to "actively work" on the proposed initial public offering of ICICI Prudential Asset Management Co Ltd in India.

By Jeremy Cutler, Alliance News reporter

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