Prudential H1 new business profit up 12% at US$1.26 billion
The growth is supported by higher annual premium equivalent sales and margin expansion
[SINGAPORE] Prudential on Wednesday (Aug 27) announced that its new business profit – a measure of profitability for insurance businesses – rose to US$1.26 billion for its first half ended Jun 30.
This marked a 12 per cent increase from US$1.12 billion in the year-ago period, on an actual and constant exchange rate basis.
The insurer said the growth came amid a 5 per cent increase in annual premium equivalent sales and margin expansion.
About 13 out of the group’s 19 life insurance markets recorded growth for new business profit during the six months, Prudential said.
Net profit for H1 stood at US$1.36 billion, compared with US$182 million in the previous corresponding period.
Earnings per share (EPS) stood at US$0.492, up from an EPS of US$0.044 in H1 2024.
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It posted an interim dividend of US$0.0771 per share, a 13 per cent increase from the prior year’s US$0.0684 per share on an actual exchange rate basis.
The payment date is Oct 16 for Hong Kong and the UK and Oct 23 for Singapore, after the record date of Sep 5.
For the half year, adjusted operating profit before tax stood at US$1.64 billion, 6 per cent higher than the year-ago period’s US$1.54 billion on an actual and constant exchange rate basis.
Shares of Prudential ended Tuesday flat at US$9.91.
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