Prudential 1Q Sales, New Business Profit Rose on China Rebound
By Michael Susin
Prudential PLC said Friday that first-quarter sales rose significantly following the easing of pandemic-related restrictions in China.
The insurance-and-investment business reported 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 35% to $1.56 billion.
The increase was driven by increasing cross-border traffic from Mainland China and higher domestic demand in Hong Kong, it added.
New business profit rose 30% to $743 million.
The company said business momentum, particularly in Hong Kong, has been maintained in the second quarter so far.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
April 28, 2023 02:34 ET (06:34 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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