Prudential slides to US$2b loss in 2021

Prudential (2378) posted a net loss of US$2.04 billion (HK$15.91 billion) in 2021, compared with a US$2.12 billion profit in 2020.

The UK insurer declared a second interim dividend of 11.86 US cents per share. And the dividend for the full year rose 7 percent year on year to 17.23 US cents per share.

Adjusted operating profit from continuing operations last year reached US$3.23 billion, up 17 percent year on year. Profit for new business rose 15 percent to US$2.53 billion and annual premium equivalent sales rose 10 percent to US$4.19 million

The insurer's Hong Kong business saw APE sales drop 27 percent year-on-year to US$550 million. Adjusted operating profit in Hong Kong was US$975 million in 2021, a 9 percent decrease year on year.

New business profits in Hong Kong fell 6 percent to US$7.36 million last year.

"New business levels in Hong Kong remained impacted by the continuing Mainland China border closure," Prudential's chief executive Mike Wells said.

Its shares closed 5.25 percent higher at HK$108.3 yesterday.