Prudential posts net profit of US$947 million in H1 2023, helped by Chinese demand

PRUDENTIAL posted a net profit of US$947 million for the half year ended June 2023 on Wednesday (Aug 30), as the Asia-focused insurer benefited from a rebound in Chinese investors buying insurance products in Hong Kong, its key revenue centre.

This was a reversal from its loss of US$1.5 billion a year earlier, based on actual exchange rates. (*see amendment note)

New business profits, a measure of profitability for insurance businesses, rose 36 per cent to US$1.5 billion, from US$1.1 billion a year ago, based on an actual exchange rate basis.