Prudential’s new business profit rise 12% to $608m in Q1

Its Singapore and Hong Kong businesses logged double-digit growth.

Prudential PLC’s new business profit rose 12% year-on-year (YoY) to $608m in Q1 2025, according to its latest business performance update.

Annual premium equivalent (APE) sales rose 4% to $1.67b over the same period.

The higher profit was thanks to higher volumes and a 2-percentage point (ppt) margin improvement, said Prudential CEO Anil Wadhwani.

Total new business margin for the first three months of 2025 was 36%.

Wadhwani said that they are still considering the potential listing of their India asset management business.

“We continue to evaluate a potential listing of our India asset management business, as discussed in our 2024 Annual Report, with the intention that net proceeds would be returned to shareholders,” Wadhwani said.

Hong Kong, Singapore double-digit growths
By market, Prudential said that it saw double-digit growth in new business profit in Hong Kong and in Singapore.

In Hong Kong, Prudential saw growth in both of its domestic and mainland China visitor markets. These were driven by higher volumes and margin expansion, with Prudential benefitting from 2024 pricing actions.  

In Singapore, Prudential credited its growth to both agency and bancassurance channels.

Its mainland China joint venture CITIC Prudential Life also delivered double-digit new business profit growth.

“We expect the recently announced regulator-led agency reform will support high-quality agency development across the industry and have a positive impact on market dynamic,” Prudential said.

Malaysia litigation ongoing
Prudential continues its ongoing dispute with Detik Ria, the 49% shareholder in SHS. This includes a new claim by Detik Ria supposedly regarding dividends equivalent to $813m plus a 5% interest.

“Prudential does not admit liability for any of the claims made by Detik Ria and will vigorously pursue its defence including any available claims and counterclaims and manage the dispute in the best interests of Prudential and its shareholders,” it said in a statement.

Prudential’s business in Malaysia saw a decline in new business profit, which it said was due to Q1 2024 being strong in comparison.