Prudential PLC (LSE:PRU) reported strong growth in new business and sales in the first nine months of the year and said momentum had continued into the fourth quarter.
The Asia-focused insurer said in the first nine months to end-September, new business profit was up 37% to US$2,143 million with third-quarter business momentum continuing to reflect the strength of its multi-market, multi-channel strategy.
Excluding economic impacts, new business profit was up 48%, with margins improved due to positive developments in channel and geographic mix.
Year-to-date annual premium equivalent sales were up 40% to US$4,417 million led by Hong Kong, with increased sales to both Chinese Mainland visitors and domestic customers compared with the same period last year.
CEO Anil Wadhwani said: "The new business momentum we saw in the first half of 2023 continued in the third quarter”, highlighting that 15 of the group's life markets across Asia and Africa delivered double-digit growth in new business profit.
"Consumer demand in Asia remained resilient and we have seen ongoing demand for both savings and health and protection products from both Domestic and Chinese Mainland visitor customers in Hong Kong,” he said.
“Looking forward the environment continues to be challenging but new business momentum has continued into the fourth quarter supported by our multi-market growth engine,” Prudential added.