By Samantha Downes
Insurance giant Prudential has reported sales growth of nine per cent at $4,393m (£3,615) as the company posted its first full year results since its decision to focus on African and Asian business.
New business profit fell 14 per cent to $2,184m during 2022 although the drop was offset by higher interest rates and ‘business mix effects’.
Prudential’s adjusted operating profit was up eight per cent to $3,375m. and it has declared a nine per cent rise in dividend payments 18.78 cents per share for the full year, up nine per cent.
Anil Wadhwani, chief executive officer said: “2022 was the first full year for the Group as an Asia and Africa focused business. We have delivered a resilient performance against a backdrop of Covid-19-related disruption and broader macroeconomic volatility. The results reflect the advantage of our diversified business model across the Asia region, highlighted by a balanced contribution to APE sales and new business profit from Hong Kong, the Chinese Mainland and Taiwan and from South-east Asia, including Singapore, Indonesia and Malaysia.
“The removal of the bulk of Covid-19-related restrictions across the region and the progressive opening up of the Chinese Mainland economy has meant that 2023 has started well with encouraging progress in year-on-year sales, with group-wide APE sales for the two months ended February 2023 up 15 per cent over the prior year.
“In Hong Kong we have seen a gradual increase in cross-border traffic from the Chinese Mainland as travel restrictions are eased. Demand for savings products across the Hong Kong business is driving the increase in APE sales in the first two months of 2023.
“I’m honoured to have joined Prudential at such an exciting time with a tremendous opportunity for long term growth ahead of us. As we celebrate our 175th anniversary and 100 years of operations in Asia, the brand is as strong as ever, with leading market positions in many of our key markets. Our progress over recent years is a testament to our people, reflecting their talent and their commitment to serving our customers.”
More to follow
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