HK drives Prudential to US$1.7b turnaround

Prudential (2378) swung to a net profit of US$1.71 billion (HK$13.3 billion) in 2023 and declared a second interim dividend of 14.21 US cents, 9 percent higher than a year earlier.

That compared with a net loss of US$997 million in 2022.

Its adjusted operating profit also increased 8 percent yearly to US$2.89 billion.

The Asia-focused insurer's new business profit rose 43 percent to US$3.12 billion with Hong Kong accounting for 45 percent of the total, thanks to an over threefold increase in new business profit.

Chief executive Anil Wadhwani said Hong Kong's business was one of the strongest growth drivers last year.

The city is also expected to benefit from the recovery of tourism and policies to attract talent, he added.

However, in the mainland new business profit decreased and its loss widened, due to falling interest rates on insurance assets and liabilities.

Its shares rose 2.22 percent after the announcement yesterday.