Prudential reports slight slowdown in growth as Hong Kong boosts sales
The company told shareholders ‘business momentum’ continued in the third quarter.
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Your support makes all the difference.Financial services giant Prudential revealed another rise in sales over the third quarter but reported a slight slowdown.
The company told shareholders “business momentum” continued in the latest period as it was supported by the continued recovery in Hong Kong and parts of China.
The insurance and asset management specialist said on Monday that business profit rose by 37% to 2.14 billion dollars (£1.7 billion) over the nine months to September 30 as a result.
However, this reflected a slight reduction in growth after it saw a 39% rise over the first six months of the year.
Meanwhile, it recorded a 40% rise in Annual Premium Equivalent sales to 4.42 billion dollars (£3.37 billion) for the period, led by growth in Hong Kong.
This compared with 42% sales growth over the first half of 2023.
The company said sales in mainland China are higher than a year earlier, but highlighted that “industry-wide changes in both product and bancassurance distribution regulations” and Prudential’s own efforts to diversify its mix of products have caused “some disruption” to sales.
Anil Wadhwani, chief executive officer of the firm, said: “The new business momentum we saw in the first half of 2023 continued in the third quarter.
“The strength of our distribution capabilities and the diversification of the business across markets, products and channels drove our performance in the nine months to September 30, with 15 of our life markets across Asia and Africa delivering double-digit growth in new business profit.
“Consumer demand in Asia remained resilient and we have seen ongoing demand for both savings and health and protection products from both domestic and Chinese mainland visitor customers in Hong Kong.”