Prudential PLC's Nine-Month Sales Soared
By Sherry Qin
Prudential PLC said Monday that nine-month sales rose significantly due to positive developments in multiple channels and geographic markets.
The insurance-and-investment business said APE sales--a measure that comprises the aggregate of annualized regular premiums and a 10th of single premiums on new business written during the year for all insurance products--rose 40% to $4.42 billion.
The increase was led by Prudential's Hong Kong market, with higher sales to both mainland Chinese visitors and domestic customers compared with the same period last year.
New business profit rose 37% to $2.14 billion, which it attributed to its multimarket, multichannel strategy.
Going forward, the company said its diversified business model and strong capitalization position will help it navigate ongoing challenges in the macroeconomic and geopolitical environment.
"New business momentum has continued into the fourth quarter supported by our multi-market growth engine," Prudential added.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
November 05, 2023 23:33 ET (04:33 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom
-
Albemarle Earnings: We Expect Improved Results In the Rest of Year Following Cyclically Low Profits
-
Novo Nordisk Earnings: Raised Fair Value Estimate Still a Contrast to Market Overenthusiasm