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Prudential turns around with first-half adjusted profit of US$947 million on rising Chinese demand, strong growth in Indonesia, Africa
- The UK insurer reported a first-half net profit of US$947 million versus a loss of US$1.5 billion a year earlier
- The value of new business, a key measure of sales and future growth, surged 39 per cent to nearly US$1.5 billion
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British insurer Prudential reported strong first-half earnings as new policy sales to mainland Chinese visitors surged as they returned to Hong Kong to buy insurance products after the border reopened earlier this year.
Adjusted net profit for the first six months of the year came in at US$947 million, compared with a loss of US$1.5 billion a year earlier, according to a filing to the Hong Kong stock exchange on Wednesday. Operating profit rose 6 per cent to US$1.46 billion.
Prudential adopted the new IFRS17 accounting standard this year and adjusted the figures from a year earlier for comparison purposes.
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The value of new business, a key measure of sales and future growth, surged 39 per cent to nearly US$1.5 billion.
“In the first half of 2023, in Hong Kong, both domestic and Chinese mainland visitor segments performed particularly well,” Anil Wadhwani, the new CEO of Prudential, who joined the insurer in February from rival Manulife, said in a post result briefing.
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