Prudential PLC Posts Higher 2023 Adjusted Operating Profit

By Sherry Qin

Prudential PLC's adjusted operating profit rose in 2023, beating analysts' consensus forecast amid lower central costs and higher earnings from Eastspring, its asset management business.

The insurance-and-investment business said Wednesday that its IFRS-adjusted operating profit was $2.89 billion, up from $2.72 billion in 2022.

The result was slightly higher than market expectations of $2.88 billion, according to a company-compiled consensus.

Prudential's new-business profit increased 45% to $3.125 billion, which the company attributed to its shift of focus to Asia and African markets.

The company declared a full-year dividend of 20.47 cents a share, higher than the consensus of 20.32 cents a share.

Earlier last year, Prudential set a new goal to grow its new-business profit to between $4.4 billion and $5.4 billion by 2027.

Chief Executive Anil Wadhwani said the company is confident about achieving its 2027 financial and strategic objectives after a strong year and continued sales growth in the first two months of 2024.

Write to Sherry Qin at sherry.qin@wsj.com

(END) Dow Jones Newswires

March 20, 2024 00:54 ET (04:54 GMT)

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