Prudential PLC (LSE:PRU) stuck to its full-year guidance on Wednesday after a solid start to 2025, reporting a 12% rise in new business profit and improved margins across several core markets in Asia.
New business profit for the first quarter rose to $608 million, up from $543 million a year earlier. Sales on an annual premium equivalent basis grew 4% to $1.68 billion.
The group’s new business margin also improved by 2 percentage points to 36%, thanks to a better product mix and recent pricing actions.
Chief executive Anil Wadhwani said the numbers reflect strong operational execution and growing returns from investment in digital tools, product innovation and channel development.
The group continues to target full-year new business profit growth of more than 10%, consistent with previous guidance.
Regional highlights included double-digit profit growth in Hong Kong, Mainland China and Indonesia.
Prudential is also moving forward with its $2 billion share buyback programme, repurchasing $442 million worth of shares in the first four months of the year.
It is still considering a potential listing of its Indian asset management business, with any proceeds expected to be returned to shareholders.
Eastspring, the group’s investment arm, reported broadly flat assets under management at $256.2 billion, with retail inflows offsetting institutional outflows.
Separately, Prudential disclosed a new claim from a shareholder in Malaysia seeking $813 million in dividends. The company said it denies any liability and will vigorously defend its position.
The shares opened 0.7% lower.