Prudential PLC Sees Progress in Meeting 2027 Goals — Update
By Sherry Qin
Prudential PLC reported higher adjusted operating profit for 2023 and said it has seen progress in achieving its 2027 growth goals.
The insurance-and-investment business said Wednesday that its 2023 IFRS-adjusted operating profit was $2.89 billion, up from $2.72 billion in 2022, thanks to lower central costs and higher earnings from Eastspring, its asset management business.
The result slightly beat 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 Asian and African markets. Hong Kong contributed 45% of Prudential's new-business profit, benefiting from the lifting of pandemic restrictions in China and Hong Kong in early 2023.
The insurance company expects sustained growth in Hong Kong due to continued domestic and mainland Chinese demand.
Last year, Prudential set out two new objectives for 2027 after Chief Executive Anil Wadhwani joined the company last February.
Prudential is targeting a compound annual growth rate of 15%-20% for new-business profit over 2022-2027. Meanwhile, it is also aiming for a double-digit compound annual growth for its in-force insurance and asset management business.
Prudential said it has seen "early signs of progress" across the business in meeting those targets.
"We are increasingly confident in achieving our 2027 financial and strategic objectives" after a strong year and continued sales growth in the first two months of 2024, Wadhwani said.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
March 20, 2024 01:35 ET (05:35 GMT)
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