Prudential boosts ASEAN focus as third-quarter profit jumps 13pc

Prudential (2378) signaled a renewed focus on ASEAN markets on Thursday, continuing efforts to boost its network of agents, while posting a near 13 percent rise in quarterly new business profit on strength in Hong Kong and mainland China regions.

On a constant exchange rate basis, the company posted new business profit of US$705 million (HK$5.5 billion) for the three months ended September 30, compared with US$626 million a year earlier.

The Hong Kong segment delivered double-digit new business profit growth after a targeted shift towards health and protection products.

The company's joint venture CITIC Prudential Life also delivered strong growth momentum in mainland China.

“We continue to take actions to strengthen our agency force, with a particular focus on ASEAN markets, where we see an opportunity to build on the agency new business profit growth achieved in the markets of Greater China," said chief executive Anil Wadhwani.

"Focused initiatives cover aspects such as improving agent quality, increasing activation and enhancing productivity."

In its Indonesia segment, however, the insurer said volumes were affected by a period of civil unrest which, combined with expected normalisation following the high growth in recent quarters, resulted in lower new business profit in the third quarter.

Prudential is also on track to complete its current US$2 billion share buyback programme by the end of the year. 

After the buyback is completed, Prudential plans to repurchase shares worth $500 million in 2026 and US$600 million in 2027, as announced during its first-half results in August. 

The company also said it continues to actively work on the proposed initial public offering of ICICI Prudential Asset Management Company in India.

REUTERS