Prudential PLC

[winston]

not vested

Prudential's first quarter provides "sound base" for 2024(Alliance News)
Prudential PLC on Tuesday reported a rise in first-quarter annual premium

New business profit was largely flat after "allowing for economic impacts".

The Asia-focused insurer said first quarter new business profit, excluding economic impacts, rose 11% at constant exchange rates to USD810 million, compared to USD727 million a year prior. But, after allowing for economic impacts, new business profit was broadly unchanged at USD726 million.

At actual exchange rates, and factoring in the "economic impacts", new business profit fell 2.3%.

There was no share buyback, but Wadhwani said Prudential would provide an update on its capital management plans by its half-year results.

In Hong Kong, Prudential said total APE sales grew 1%, despite the significant rebound in the first quarter of 2023. Both domestic and Chinese Mainland visitor segments grew.

APE sales rose 2% In Singapore, by 29% in Malaysia, but fell 10% in Indonesia.

Across the businesses in its "growth markets and other" segment, a strong increase in APE sales of 28% was generated in total, driven by Thailand, Taiwan, India and Africa. This more than offset continued weakness in Vietnam.

Source: Alliance News

https://www.morningstar.co.uk/uk/news/A ... -2024.aspx

[winston]

not vested

Prudential falls on lack of buyback

Prudential PLC's (LSE:PRU) first-quarter results disappointed investors who had expected a share buyback, though directors gave strong hints that this remains in their plans for later in the year.

Annual premium equivalent sales were up 7% to $1.625 billion and held back by headwinds from Vietnam.

Analysts at Jefferies noted that Prudential's new business growth was considerably slower than Hong Kong-quoted rival AIA, which reported 27% growth yesterday.

Source: Proactive Investors

https://www.proactiveinvestors.co.uk/co ... 46441.html