Prudential Plc bounces back in 2023 results

Prudential Plc bounces back in 2023 results | Insurance Business Asia

Life & Health

Prudential Plc bounces back in 2023 results

Chief executive cites “excellent financial and operational performance”

Life & Health

By
Terry Gangcuangco

Prudential Plc has released its 2023 earnings report, revealing a major turnaround.

Here’s how the company performed in the year ended December 31:

Metric

FY 2023

FY 2022

New business profit

US$3.1 billion

US$2.2 billion

Operating free surplus generated

US$2 billion

US$2.2 billion

Operating free surplus generated from in-force insurance and asset

management business

US$2.7 billion

US$2.8 billion

Adjusted operating profit

US$2.9 billion

US$2.7 billion

IFRS profit (loss) after tax

US$1.7 billion

US$(997 million)

“These are a very strong set of results while operating in a challenging macro environment, with new business profit up 45%, driven by a relentless focus on execution in our markets in Asia and Africa,” chief executive Anil Wadhwani (pictured) said. “It is also an illustration of the strength of both our agency and bancassurance distribution channels as well as an affirmation of our leadership position in many key markets.

“It has been six months since the launch of our new strategy, and it’s highly encouraging to see the early progress on our strategic objectives of improving our customer experience, driving technology-powered distribution, and transforming our business model in health. We have onboarded senior leadership talent in health, technology and added to our talent in our key markets as we continue to strengthen our capabilities in line with our strategic priorities.”

Wadhwani added: “We delivered an excellent financial and operational performance in 2023 and deployed increased levels of capital in new business, enhancing core capabilities and expanding distribution. Sales growth has continued in the first two months of 2024.

“Given the relentless execution focus in implementing our strategy, we are increasingly confident in achieving our 2027 financial and strategic objectives and in accelerating value creation for our shareholders.”

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