Prudential Sales Down 24%

Prudential’s main businesses are in Asia and the United States after it spun off its British unit last year. Coronavirus crisis would continue to have an impact on its business in the second quarter, with sales in Asia inevitably “challenged.

Asian annual premium equivalent sales fell 24% in the first quarter to $986 million, with a 50% drop in Hong Kong and 19% in China, although Prudential said there were signs the sales environment was beginning to normalize in China.

Prudential traditionally relies on face-to-face contact between customers and agents to make sales in Asia. The company said it was working with regulators to enable more products to be sold online, with more than 25% in Hong Kong already sold in this way.