Prudential Q3 new business profit rises 14% to US$705 million; regional CEO leaves
John Cai is stepping down after six months for ‘personal reasons’
[SINGAPORE] Prudential on Thursday (Oct 30) posted a 14 per cent year-on-year rise in “new business profit” (NBP) for its third quarter ended Sep 30. The insurance company also announced the departure of one of its regional CEOs.
NBP is presented on a post-tax basis, on business sold in the period, and is a measure of profitability for insurance businesses.
Prudential’s overall NBP in Q3 was US$705 million, up from US$616 million a year earlier. This was a 14 per cent increase on an actual-exchange-rate basis, and a 13 per cent rise on a constant-exchange-rate basis.
“Volumes grew and new business margin improved as we continue to prioritise writing high-quality new business,” said CEO Anil Wadhwani. “Growth in new business profit through our bancassurance channel and agency channels continued at similar levels to the first half.”
The Hong Kong-headquartered insurer said nine of 13 markets, including Singapore, recorded NBP growth in Q3. In Indonesia, volumes were affected by a period of civil unrest, which, combined with “expected normalisation following the high growth in recent quarters”, resulted in lower Q3 NBP compared with the year prior.
Wadhwani said Prudential is “pleased with the consistency” of its overall performance in the year thus far, which puts it “firmly on track” to achieve its 2025 guidance and 2027 financial objectives.
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Regional leadership changes
Separately, Prudential announced that John Cai, its regional CEO for Malaysia, Indonesia and Vietnam and agency, is set to leave the company on Friday for “personal reasons”. He was appointed to the post in April this year.
Naveen Tahilyani, the regional CEO for India, Africa, the Philippines, Cambodia, Laos and Myanmar, will expand his responsibilities to take over Cai’s former remit.
Dennis Tan, the regional CEO for Singapore and Thailand, will take on “additional responsibility” for Vietnam and the Cambodia, Laos and Myanmar cluster.
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