Prudential PLC (LSE:PRU) staged a mild rally as a third-quarter update from the Asia-focused life insurance and wealth group delivered a modest sales surprise, according to analysts at Jefferies.
Volumes accelerated in the third quarter, growing by 10% and taking nine months growth to 7%, said the US bank.
Margins also surprised positively (51% vs 49% expected), prompting new business profits to beat consensus by +2%.
Overall, growth was broad-based, with Greater China, ASEAN, and Africa all up and a pleasant surprise in Hong Kong.
“Across the business, sales are pivoting to higher-margin products that also have a shorter cash signature, in turn making it easier for the group to hit the 2027 targets, which some investors have questioned.”
Buy, says Jefferies, with a 1,310p target, which is 100% above the current market price of 664.6p, up 2.6% today.