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London-listed insurer Prudential Plc (PRU.L) said Thursday its first-half new business profit rose 8% year over year, driven by strong sales in Hong Kong, Malaysia and Singapore.
New business profit increased to $1.38 billion from $1.26 billion a year earlier, while margins increased by 2 percentage points to 40%.
“New business profit growth was broad-based, although growth was moderated by performance in the Chinese Mainland. Excluding the Chinese Mainland new business profit grew by 10 per cent,” the company said in its earnings release for the six months ended June 30.
Attributable profit declined to $954 million from $1.28 billion, while adjusted operating profit after tax rose 10% year over year to $1.52 billion. Insurance revenue increased to $5.90 billion from $5.33 billion.
The company announced a $300 million expansion of the company’s stock repurchase program, to be completed by Dec. 18. The expansion is in addition to previously announced $1.2 billion and $1.3 billion buyback programs for 2026 and 2027, respectively.
Prudential also raised its interim dividend to $0.0888 per share from $0.0771 per share paid previously, and affirmed its expectations for double-digit growth in adjusted EPS and dividend per share for full-year 2026. Full-year 2027 targets were also maintained by the insurer.
The company’s shares dropped more than 1% during early trading in London.
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