Prudential Profit $1.5 Billion

Insurer Prudential on Aug. 30 reported new business profit of $1.5 billion in the first six months of 2023, up 36% from the same period a year earlier. New business profit in mainland China slipped 16% to $171 million.

The company’s annualised contractual service margin, a measure of its core business introduced as part of the insurance industry’s new IFRS 17 accounting standards, grew 8%.

Prudential also outlined its new strategy. New CEO Anil Wadhwani, who joined in February, said the group will accelerate value creation by improving its operational and financial discipline, aiming to grow new business profit at a compound annual growth rate of 15% to 20% between 2022 and 2027. The group will invest around $1 billion to achieve his goals, mostly between 2023 and 2025. Investments will include upgrading technology for its agents and bancassurance systems.

Prudential’s London-listed shares closed up 1.5% at 10 pounds on Aug. 30.