Prudential PLC's Nine-Month Sales Soared
06 November 2023 - 3:48PM
Dow Jones News
By Sherry Qin
Prudential PLC said Monday that nine-month sales rose
significantly due to positive developments in multiple channels and
geographic markets.
The insurance-and-investment business said APE sales--a measure
that comprises the aggregate of annualized regular premiums and a
10th of single premiums on new business written during the year for
all insurance products--rose 40% to $4.42 billion.
The increase was led by Prudential's Hong Kong market, with
higher sales to both mainland Chinese visitors and domestic
customers compared with the same period last year.
New business profit rose 37% to $2.14 billion, which it
attributed to its multimarket, multichannel strategy.
Going forward, the company said its diversified business model
and strong capitalization position will help it navigate ongoing
challenges in the macroeconomic and geopolitical environment.
"New business momentum has continued into the fourth quarter
supported by our multi-market growth engine," Prudential added.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
November 05, 2023 23:33 ET (04:33 GMT)
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