FOR the financial year ended Dec 31, 2022, Prudential’s profits from continuing operations attributable to shareholders fell 54 per cent to US$998 million, from US$2.2 billion in the previous year.

Profits from continuing operations in the company’s Indonesia segment fell the most, by 23 per cent to US$343 million, said Prudential on Wednesday (Mar 15).

Profits from continuing operations in Eastspring – the group’s asset management arm – slipped 17 per cent to US$260 million in FY2022.

Earnings per share, based on profits from continuing operations, was US$0.365 in FY2022. This represented a 56 per cent drop from the US$0.834 posted in FY2021, as indicated by actual historical exchange rates for the relevant accounting period.

Prudential, whose main business is insurance, made a total of US$23.3 billion from gross premiums in FY2022, down 3.6 per cent from US$24.2 billion previously. (*see amendment note)

The group proposed a higher second interim dividend of US$0.1304 a share, up from US$0.1186 in the same year-ago period. This brings the company’s full-year dividends to US$0.1878 a share, higher than the US$0.1723 declared in FY2021.

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Shareholders in Singapore with a central depository account will receive these dividends on May 22. The record date is Mar 24.

The insurer said its operating conditions may continue to be challenging given the volatile macroeconomic environment and increasing risks of inflation.

It was, however, optimistic on business sentiment in Hong Kong and China.

“In particular, we are well-positioned in Hong Kong and the Chinese mainland to take advantage of the opportunities that we expect to arise as Covid-19-related restrictions are eased,” said Prudential.

Shares in New-York listed Prudential traded US$1.49 or 1.8 per cent higher at US$83.67 on Tuesday.

*Amendment note: The article incorrectly stated the value of Prudential’s gross premiums in millions. The figures should be in billions instead and the article has been corrected to reflect this.