Prudential 1Q Sales, New Business Profit Rose on China Rebound
By Michael Susin
Prudential PLC said Friday that first-quarter sales rose significantly following the easing of pandemic-related restrictions in China.
The insurance-and-investment business reported APE sales--a measure that comprises the aggregate of annualized regular premiums and a 10th of single premiums on new business written during the year for all insurance products--rose 35% to $1.56 billion.
The increase was driven by increasing cross-border traffic from Mainland China and higher domestic demand in Hong Kong, it added.
New business profit rose 30% to $743 million.
The company said business momentum, particularly in Hong Kong, has been maintained in the second quarter so far.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
April 28, 2023 02:34 ET (06:34 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
The Best Bank Stocks to Buy
-
After Earnings, Is Roblox Stock a Buy, Sell, or Fairly Valued?
-
Should You Buy and Hold an Artificial Intelligence Portfolio?
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains