Prudential's new business profit jumps 45% YoY

Prudential’s CEO is optimistic about reaching its 2027 financial and strategic objectives.

Prudential’s fiscal year 2023 new business profit increased by 45% year-on-year (YoY) to $3.1b (43% on an actual exchange rate basis), which was attributed to the insurer’s focus on execution in Asian and African markets, highlighting distribution channels and leadership position in key markets.

"It has been six months since the launch of our new strategy and it's highly encouraging to see the early progress on our strategic objectives of improving our customer experience, driving technology-powered distribution and transforming our business model in Health. We have on-boarded senior leadership talent in Health and technology and added to our talent in our key markets as we continue to strengthen our capabilities in line with our strategic priorities,” Prudential CEO Anil Wadhwani said in a press release.

Excluding the impact of interest rate and economic movements, new business profit surged by 47%. Also, its operating free surplus generated from in-force insurance and asset management business reached $2.74b, slightly higher than the previous year's $2.72b.

ALSO READ: Prudential Singapore to hire 800 financial reps

Similarly, Prudential’s adjusted operating profit grew by 8% YoY to $3.0b (6% YoY on an actual exchange rate basis). EEV shareholders' equity rose by 7% YoY to $45.3b, equivalent to 1,643 cents per share, on an AER basis.

GWS shareholder capital surplus over GPCR stood at $16.1b, translating to a cover ratio of 295% (compared to 307% at the end of December 2022). The second interim dividend amounted to 14.21 cents per share, resulting in a full-year dividend of 20.47 cents per share, marking a 9% increase.

Looking ahead, Wadhwani expressed confidence in achieving the company's 2027 financial and strategic objectives, citing continued sales growth in the first two months of 2024 and a relentless focus on strategy execution as drivers of value creation for shareholders.

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