Jefferies expects Prudential to extend growth in second half

At mid-2025, Prudential’s annual premium equivalent (APE) grew 13%.

Jefferies expects Prudential plc to maintain its growth momentum in the second half of 2025, supported by solid first-half results and management’s confidence in sustaining performance despite minor regional challenges.

The brokerage noted that whilst Prudential’s shares have already risen 59% year-to-date, further upside remains as management reaffirmed expectations for continued momentum. 

Jefferies said the insurer’s upcoming third-quarter update is likely to reiterate this positive outlook, even with temporary headwinds from Hong Kong typhoons and medical reforms in Malaysia.

At mid-2025, Prudential’s annual premium equivalent (APE) grew 13%, margins expanded by one percentage point, and new business profit (NBP) rose 16%.

The company’s CFO expects NBP margins to remain stable at around 40%, with foreign exchange movements providing a modest 1% tailwind in the third quarter.

Overall, Jefferies said Prudential’s geographic diversification and product repricing measures continue to underpin stable margins and sustained growth across Asia.