Prudential's quarterly new business profit rises on broad-based growth, margin gains

Published: 2026-04-28 19:00:17 ET PRU.L

Published on 04/28/2026 at 07:00 pm EDT

April 29 (Reuters) - Insurer Prudential Plc reported a nearly 10% rise in its first-quarter new business profit on Wednesday, driven by growth across segments, higher annual premium equivalent sales and improved new business margins.

The London and Hong Kong dual-listed insurer said its new business profit on a traditional embedded value (TEV) basis was $686 million for the quarter ended March 31, compared with $625 million a year earlier on a constant exchange rate.

New business profit in Hong Kong, its largest profit contributor in 2025, saw double-digit growth during the quarter, driven by expansion in both agency channels and bancassurance, where insurance products are distributed through bank partnerships.

The insurer's mainland China joint venture, CITIC Prudential Life, delivered robust growth in new business profit driven by sustained sales momentum, even as margins moderated due to a tilt toward participating products.

The Indonesian segment also performed modestly as its bancassurance channel recorded double-digit growth, while the Malaysia segment benefited from optimised product portfolio margins.

(Reporting by Kumar Tanishk in Bengaluru; Editing by Jonathan Ananda)