Life and pensions group Prudential PLC (LSE:PRU) delivered a strong set of annual results this Wednesday, with new business profit increasing 45% to $3.1 billion.
The results were guided by strong performances in Asia and Africa, where the Pru has a substantial footprint.
In China, where slow post-pandemic economic recovery has caused uncertainty for Prudential, new business profit came to $1.87 billion compared to $912 million in 2022.
Firm-wide adjusted operating profit rose by 8% to $2.9 billion, while EEV shareholders' equity lifted 7% to reach $45.3 billion, equivalent to 1,643 cents per share.
"We delivered an excellent financial and operational performance in 2023 and deployed increased levels of capital in new business, enhancing core capabilities and expanding distribution,” said chief executive Anil Wadhwani.
“Sales growth has continued in the first two months of 2024. Given the relentless execution focus in implementing our strategy, we are increasingly confident in achieving our 2027 financial and strategic objectives and in accelerating value creation for our shareholders."
Prudential announced a second interim dividend of 14.21 cents per share, bringing the full-year dividend to 20.47 cents per share, a 9% increase over the previous year.
Richard Hunter, head of markets at Interactive Investor, said: "Now fully focused on Asia and Africa, the group is fully aware that such major continents bring significant opportunities.
"The combined populations of the two continents is around four billion, with an estimated $1 trillion of additional annual gross written premiums by 2033 being the addressable market."