Prudential confident of meeting targets after sales and profit growth
Prudential PLC on Wednesday said growth in the first quarter was broad-based as it reported a double-digit increase in new business profit.
The London-based insurer focused on Asia said new business profit rose 10% to $686 million in the first quarter from $625 million the year prior, at constant exchange rates. New business profit margin was 38%, up from 36% a year ago.
Annual premium equivalent sales rose 5.2% to $1.82 billion from $1.73 billion at CER.
Chief Executive Anil Wadhwani said performance was ‘broad?based’ across segments, with higher APE sales and improved new business margins, reflecting ‘our disciplined execution and continued focus on driving high-quality growth.’
Bancassurance delivered strong year?on?year growth in both volumes and margins, with continued traction across key markets, he noted.
‘We remain confident in delivering double?digit growth across our key financial metrics in 2026 and achieving our 2027 financial objectives,’ he added.
Prudential said Hong Kong saw new business profit growth and delivered an expansion in margins, while its mainland China joint venture, CITIC Prudential Life, continued the strong APE sales momentum seen in the second half of 2025.
In Malaysia, new business profit growth was driven by agency and while volumes were lower in the bancassurance business, margins increased.
Indonesia saw modest new business profit growth, while Singapore, saw good growth in APE sales.
On the Middle East, Prudential noted some smaller businesses in Asia are ‘relatively more exposed to the risk of higher inflation from higher energy prices’, which ‘could impact consumer sentiment and buying behaviours in the future.’
Shares in Prudential fell 0.7% to 1,107.60 pence each in London on Wednesday.
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