(Reuters) -Prudential PLC on Wednesday posted a 11% rise in new business profit for the first nine months of fiscal 2024, as the Asia-focused insurer benefited from strong performance from all its segments.
The company uses various channels to distribute its products, which has led to broad-based growth in new business profit across regions like Greater China, ASEAN, and Africa, it said in a statement.
The group’s annual premium equivalent (APE) sales came in at $4.64 billion for the period, up 7% on a constant exchange rate basis.
The insurer said it was on track for the expected 2024 new business profit growth trajectory of 9% to 13%.
The London and Hong Kong dual-listed company posted new business profit of $2.35 billion for the nine months ended Sept. 30 on a constant exchange rate basis, up from $2.14 billion last year.
Prudential has entered into a long-term partnership with Bank Syariah Indonesia, the biggest Islamic lender in Indonesia providing access to about 20 million customers, said CEO Anil Wadhwani.
Prudential has also taken full ownership of its Nigeria life operations, Wadhwani added.
(Reporting by Sherin Sunny & Rajasik Mukherjee in Bengaluru; Editing by Alan Barona and Shailesh Kuber)
