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Life and health insurance and asset management company Prudential has reported IFRS profit after tax of $947m for H1 2023 compared with a loss of $1.5bn in H1 2022.

For the period ended 30 June 2023, the company’s profit before tax attributable to shareholders was $1.17bn versus a loss of $1.35bn last year.

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Adjusted operating profit rose 4% to $1.46bn from $1.41bn in the year-ago period.

The insurer’s IFRS earnings per share declined to $34.5 from $55.1 in H1 2022.

The new business profit rose 36% to $1.48bn from $1.09bn in H1 2022.

The company attributed the rise in this profit to 17 of its life markets experiencing growth.

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Annual premium equivalent (APE) sales were $3.02bn, a surge of 42% from $2.2bn in the first half of the previous year.

Prudential declared the first interim dividend of 6.26 cents per share compared with 5.74 cents per share last a year earlier.

The company also updated its strategy to establish a sustainable growth platform by making investments in growth markets in Asia and Africa.

Prudential CEO Anil Wadhwani said: “The interim results demonstrate the power of our multi-engine, multi-channel business model across Asia and Africa. 

“Our agency channel has rebounded strongly in all segments as Covid restrictions ended, reporting an 89% growth in new business profit on an ex-economics basis. 

“We have today announced that we will do things differently in the way we run Prudential. With a clear strategy and operational and capital allocation priorities, we are focused on delivering sustainable value for all our stakeholders: employees, customers, shareholders and our communities.”