BRIEF: Prudential sees new business profits up 9-13% this year

2378.HK

Insurance company Prudential plc (2378.HK) on Wednesday said its annual premium equivalent (APE) sales increased by 10% year-on-year during the three months to September. It added its APE grew by 7% year-on-year in the first three quarters of this year to reach $4.64 billion.

Sales to Hong Kong customers and Mainland China visitors both grew in the third quarter, with APE sales to Hong Kong customers up 36% year-on-year and Mainland China visitor sales up a more modest 1%.

The company said profits for its new businesses improved across the board, driven by its multi-channel distribution model, with growth in Greater China, ASEAN and Africa. Based on current conditions, Prudential said it is on track to deliver new business profit growth of 9% to 13% this year.

By Lau Chi Hang

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