Prudential has reported new business profit of $3.07m in 2024, up 11% from the prior year on a constant exchange rate (CER) basis.
Bancassurance new business profit increased by 31%, with 14 markets posting “double-digit” profit increases, spearheaded by Hong Kong, Singapore and Taiwan.
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Health new business profit increased by 11% to $346m, with contributions from Hong Kong, Singapore and Indonesia, and bolstered by new healthcare products.
On a CER basis, the company’s adjusted operating profit after tax also grew, increasing by 7% to $2.58bn from $2.45bn the previous year.
Its IFRS (International Financial Reporting Standards) profit after tax for 2024 climbed to $2.41bn from $1.71bn in 2023.
The company completed $1.04m in share buybacks as of 14 March under a $2bn programme announced in June 2024.
This programme is now on track to complete by the end of 2025, ahead of the original guidance of mid-2026.
The company declared a total dividend of just over $0.23 per share for 2024, a 13% year-on-year increase, including a second interim dividend of just over $0.16 per share.
Including share buybacks, total shareholder returns in the financial year 2024 amounted to $1.4bn.
Prudential operating free surplus generated from in-force insurance and asset management business stood at $2.6bn, aligning with the projected free surplus generation from 2022 to 2027.
The company has set ambitious targets for 2025, expecting to grow new business profit, basic earnings per share based on adjusted operating profit, and operating free surplus generated from in-force insurance and asset management business by more than 10% at a CER.
Prudential CEO Anil Wadhwani said: “The long-term growth trends inherent in our Asia and Africa markets are reasserting themselves, creating significant opportunities for us. Insurance penetration rates in Asia are low and there is continued, and growing, demand for long-term savings and protection products across our markets, alongside a need for wealth management and retirement planning, particularly in our higher-income Asian markets.
“We are well positioned to capitalise on this growth opportunity. Our focus is on writing quality new business alongside managing our in-force business and improving variances by enhancing operational delivery and serving our customers’ needs.”
The financial results comes on the heels of Prudential’s announcement to establish a stand-alone health insurance company through a joint venture with HCL Group’s promoter company Vama Sundari Investments (Delhi).
