Prudential plc 2024 Q1 Business Performance Update

Prudential Group announced its first-quarter business performance for the period ended March 31, 2024. Excluding economic impacts, new business profit increased by 11% year-on-year to US$810 million, and APE sales increased by 7% year-on-year on a constant exchange rate basis to US$1.625 billion. APE sales in the Hong Kong market increased by 1% year-on-year, and the new business margin rose from 64% to 69%. APE sales in Malaysia increased by 29% year-on-year, and APE sales in Singapore increased quarter-on-quarter for three consecutive quarters. The group is more confident in achieving its 2027 financial and strategic targets and expects to update its capital management plan in the 2024 interim results.