[SINGAPORE] Prudential reported a 2 per cent decline in new business profit to US$3.08 billion for the financial year ended December, from US$3.1 billion in the prior year.
On a constant exchange rate basis, the new business profit would have been up 11 per cent.
In its financial results released on Thursday (Mar 20), Prudential noted that 14 markets achieved double-digit year-on-year growth in new business profit, led by Hong Kong, Singapore and Taiwan.
In Singapore, new business profit for FY2024 grew 15 per cent, underpinned by an 11 per cent increase in annual premium equivalent (APE) sales.
The Asia-focused insurer further highlighted new business profit growth in 18 of its 22 life markets.
It noted that the growth in new business profit comes after the reopening of the border with the Chinese mainland in 2023.
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This growth is also supported by a 7 per cent rise in APE sales and margin expansion.
The new business profit for the health segment grew 11 per cent to US$346 million. This was led by growth in Hong Kong, Singapore and Indonesia, and comes on the back of new healthcare products, repricing initiatives, as well as further training and enablement of the insurer’s agency force.
The agency channel delivered new business profit of US$1.9 billion, consistent with the prior year’s performance.
Bancassurance new business profit rose 31 per cent to US$872 million, supported by sales growth and positive product mix effects.
Overall, profit for FY2024 rose 41 per cent to US$2.4 billion, from US$1.7 billion in FY2023. On a constant exchange rate basis, profit would have been up 43 per cent.
The group’s directors approved a second interim dividend of US$0.1629 per share. This brought its full-year dividend to US$0.2313 per share, up 13 per cent compared with FY2023.
Shares of Prudential ended Wednesday flat at US$8.21 on the Singapore Exchange.
