Prudential is back in black with US$1.71 billion profit in 2023 as mainland Chinese visitors to Hong Kong drive new sales
- The value of new business, a key measure of sales and future growth, surged 45 per cent to US$3.13 billion
- With sales growth continuing in the first two months of 2024, the growth prospects in Hong Kong continue to be solid, CEO Anil Wadhwani says
UK insurer Prudential reported a strong set of operating results for 2023 as the return of mainland Chinese visitors to Hong Kong boosted life insurance policy sales after the city eased the curbs imposed during the Covid-19 pandemic.
Net profit, which Prudential calls IFRS profit after tax, reached US$1.71 billion in 2023, reversing a loss of US$1 billion on a constant exchange rate basis, the company said in a Hong Kong stock exchange filing on Wednesday.
Operating profit, or income excluding one-off items and valuation changes of investment portfolio, rose 8 per cent to US$2.89 billion. New business profit, a key measure of sales and future growth, surged 45 per cent to US$3.13 billion.
Prudential adopted the new IFRS17 accounting standards this year and adjusted its results from a year earlier for comparison purposes.
“These are a very strong set of results while operating in a challenging macro environment,” CEO Anil Wadhwani said in a media briefing.
