Prudential Earnings: Decent Key Performance Indicators; Shares Undervalued

Prudential has reported decent key performance indicators in its business earnings update for the first quarter of this year. The headline number is the mid-single-digit percentage rise in the annual premium, equivalent to $1.625 billion, one of the highest sales numbers delivered. New business profit excluding economic hits for the first quarter came in at $810 million and that low-double-digit growth places the company in a good position to meet its 15%-20% compound annual growth target by the end of 2027. We maintain our fair value estimate and no moat rating.