Saturday, July 19, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Technology

Prudential’s Q1 new business profit down 2% at S$743 million

by Riah Marton
in Technology
Prudential’s Q1 new business profit down 2% at S3 million
Share on FacebookShare on Twitter


PRUDENTIAL reported S$726 million new business profit for the first quarter ended Mar 31, 2024, 2 per cent down from S$743 million in the same period last year.

The annual premium equivalent (APE) sales stood at S$1.63 billion, up 4 per cent from S$1.56 billion a year ago, based on the insurer’s Q1 business update on Tuesday (Apr 30).

On a constant exchange rate basis, the quarter’s new business profit was broadly unchanged while APE sales were up 7 per cent.

The insurer highlighted a continued business momentum despite strong last-year comparators in Hong Kong and Citic Prudential Life (CPL), as well as headwinds in Vietnam.

Hong Kong’s APE sales grew 1 per cent, driven by both domestic and Chinese mainland visitor segments. This is even when compared with the significant rebound in Q1 last year.

Q1 APE sales for Prudential’s Chinese mainland joint venture CPL fell 17 per cent year on year. However, it exceeded the total for the last six months of 2023, for both the agency and bancassurance channels.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

“We continue to optimise our product portfolio in this market towards long-term savings, annuities and health and protection,” said the insurer, adding that such efforts increased CPL’s new business margin by four percentage points on the year, computed with interest rates and other economics as at Mar 31, 2023, to show underlying growth.

Prudential also registered a 28 per cent growth in APE sales in growth markets and other segment, driven by Thailand, Taiwan, India and Africa, more than offsetting continued weakness in Vietnam.

Moreover, its Singapore market sales have continued to rebound since the second half of last year, with a third sequential quarter of growth in APE sales. Such sales in Singapore increased by 2 per cent compared with the first quarter of 2023.

Chief executive officer Anil Wadhwani highlighted that Q1 results provided a “sound base” for continued FY2024 new business growth.

“Our total APE sales have grown sequentially each quarter since Q3 2023, reflecting resilient consumer demand across Asia and demonstrating the strength of our multi-market and multi-channel distribution model,” Wadhwani noted.

He added that Prudential aims to provide an update on its capital management plans by FY2024 results.

Tags: BusinessMillionProfitPrudentialsS743
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

Next Post
Bangkok airports set for US.8 billion expansion as tourism booms

Bangkok airports set for US$4.8 billion expansion as tourism booms

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2024 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In