Prudential’s Hong Kong insurance business still key despite India buzz
India contributed only 3% of fiscal year 2024.
Nearly 29% of Prudential PLC’s market value is now tied to its Indian operations, mainly due to the upcoming IPO of its 49%-owned asset management joint venture, ICICI Prudential AMC.
Despite this, India contributed only 3% of fiscal year 2024 (FY 2024) new business profit and 6% of net profit, CGS International said in a research note.
In contrast, Prudential’s Hong Kong business remains a core earnings driver, accounting for 32% of FY 2024 operating profit and 43% of new business profit.
Strong demand from mainland Chinese visitors and new migrants is expected to support growth.
The company’s share price has risen 58% year-to-date, driven by capital management moves and expectations of stronger results.
Net profit is forecast to grow to $3.2b in 2025.
Read Here
Advertise
Sign Up
