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Prudential’s H1 new business profit falls 1% to US$1.47 billion

Insurer attributes decline to high base effects in 2023 in many markets; excluding effect of interest rates and other economic impacts, new business profit is up 8%

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Tan Nai Lun &

Lindsay Wong

Published Wed, Aug 28, 2024 · 01:48 PM
    • Prudential's net profit for H1 is down 81% at US$182 million, from US$947 million in the previous corresponding period, on an actual exchange rate basis.
    • Prudential's net profit for H1 is down 81% at US$182 million, from US$947 million in the previous corresponding period, on an actual exchange rate basis. PHOTO: BT FILE

    PRUDENTIAL’S new business profit – a measure of profitability for insurance businesses – fell 1 per cent to US$1.47 billion on an actual exchange rate basis for the first half ended Jun 30, from US$1.49 billion a year earlier.

    The insurer on Wednesday (Aug 28) attributed the decline to high base effects in 2023 in many markets.

    Excluding the effect of interest rates and other economic impacts, new business profit was up 8 per cent.

    PrudentialFinancial resultsInsurance

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