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

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Yong Hui Ting

Yong Hui Ting

Published Wed, Aug 30, 2023 · 01:33 PM
    • Prudential CEO Anil Wadhwani says he “continued to feel good” about the company’s growth prospects from China, noting that mainland Chinese visitor traffic had rebounded back to as much as 70 per cent of pre-pandemic levels.
    • Prudential CEO Anil Wadhwani says he “continued to feel good” about the company’s growth prospects from China, noting that mainland Chinese visitor traffic had rebounded back to as much as 70 per cent of pre-pandemic levels. PHOTO: BLOOMBERG

    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.

    PrudentialFinancial resultsInsuranceSpotlight

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