Prudential’s APE sales up 7% to $5b for 9M 2024

Bancassurance sales were up 21% year-to-date.

Prudential reported a January to September (9M 2024) new business profit of $2.35b, an 11% year-on-year (YoY) jump.

The company's annual premium equivalent (APE) sales for 9M 2024 rose 7% to $4.64b, with APE sales in the third quarter (Q3 2024) alone up 10% year-on-year, showing growth across all segments.

Anil Wadhwani, chief executive officer of Prudential, affirmed the company’s projection for new business profit growth in 2024, which is expected to fall between 9% and 13%.

The company also expanded its distribution capabilities by entering a long-term partnership with Bank Syariah Indonesia, providing access to approximately 20 million customers, and took full ownership of its Nigeria life operations.

The company's agency-driven APE sales grew by 11% in Q3 2024 compared to the previous year, with gains across Prudential’s four growth regions.

Bancassurance sales were up 21% year-to-date, with a 12% increase in Q3 2024, driven by growth in Hong Kong, China, and Thailand, although growth in Taiwan moderated.

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