Prudential shares available to China-based investors via stock connect programme

SHARES of Asia-focused insurer Prudential have started trading on the Shenzhen-Hong Kong Stock Connect programme, the group announced on Monday (Sep 5).

Additionally, Prudential has joined the Hang Seng Composite Index, it said in a press statement.

The Shenzhen-Hong Kong Stock Connect allows investors in mainland China and Hong Kong to trade and settle shares listed via the Shenzhen and Hong Kong bourses, or clearing houses in their home market.

Inclusion in this programmes means qualified investors in the Chinese mainland will now have direct access to Prudential’s shares through the Shenzhen Stock Exchange. Qualified investors in mainland China need to maintain a total balance of securities and cash account of at least 500,000 yuan (S$101,342).

Prudential, which has dual primary listings on the Stock Exchange of Hong Kong and the London Stock Exchange, provides life and health insurance as well as asset management in 23 markets across Asia and Africa. The group also has a secondary listing on the Singapore Exchange and a listing on the New York Stock Exchange in the form of American depositary receipts.

Prudential group chief financial officer James Turner said the group aims to achieve “long-term double-digit growth” in embedded value per share, driven by diverse sources of growth across Asia and Africa.

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Prudential H1 operating profit up 8% to US$1.7b as sales recover 

In August, the insurer reported an adjusted operating profit of US$1.7 billion for the half-year ended Jun 30, 2022, led by gains in the group’s life and asset management segments.

Annual premium equivalent sales - a measure of new business activity - were up 9 per cent in the period to US$2.2 billion, as conditions started to normalise in most markets. New business profit, however, was 5 per cent lower as higher interest rates and differences in geographical and channel mix weighed in.