Prudential’s new business profit drops to US$2.18b in FY22

The insurer attributed the decline to higher interest rates and business mix effects.

Prudential plc reported a lower new business profit of US$2.18b in FY22.

This translates to a 14% and 11% drop from FY21 on an actual exchange rate (AER) and constant exchange rate (CER) basis, respectively.

The insurer attributed the decrease to higher interest rates and business mix effects.

These factors also offset the impact of higher volumes of Prudential’s APE sales which increased 9% and 5% on CER and AER basis, respectively, to US$4.39b.

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