Prudential PLC Reports Strong Sales Growth in Multiple Markets
Prudential PLC announces strong sales growth and a surge in new business profit. The company remains optimistic about its future prospects.
Prudential PLC, a leading insurance-and-investment company, has announced a significant rise in sales for the first nine months of the year. The company attributes this growth to positive developments across various channels and geographic markets.
Prudential reported a 40% increase in APE sales, which measures the aggregate of annualized regular premiums and a 10th of single premiums for all insurance products written during the year. This growth translates to a total of $4.42 billion in sales.
The Hong Kong market played a crucial role in driving this increase, with higher sales to both mainland Chinese visitors and domestic customers compared to the same period last year. Prudential's success can be attributed to its effective strategy in the region.
The company also witnessed a remarkable surge in new business profit, which rose by 37% to reach an impressive $2.14 billion. Prudential attributes this growth to its multimarket, multichannel approach, which has proven to be highly successful.
Looking ahead, Prudential remains optimistic about its prospects, emphasizing the strength of its diversified business model and robust capitalization position. These factors will enable the company to navigate any challenges presented by the macroeconomic and geopolitical environment.
Prudential expressed confidence in maintaining its strong momentum in the fourth quarter, thanks to its multi-market growth engine.