Business
Prudential plc - 2024 Full Year Results
Prudential plc - 2024 Full Year Results.
About this update from Prudential Plc
[{"type":"text","content":"\n\n \n\nNEWS RELEASE\n20 March 2025\nPRUDENTIAL PLC FULL YEAR 2024 RESULTS: BUILDING TOWARDS OUR 2027 STRATEGIC OBJECTIVES\nPrudential plc (\"Prudential\"; HKEX: 2378; LSE: PRU) today announced its financial results for the year ended 31 December 2024.\nPerformance highlights on a constant exchange rate basis unless otherwise stated\nAll new business profit growth rates in this report are reported on a constant exchange rate basis, and excluding interest rate and other economic movements, unless otherwise stated.\n- New business profit of $3,078 million, up 11 per cent. Including the effects of interest rates and other economic movements, new business profit was broadly flat. TEV new business profit also up 11 per cent.\n- Operating free surplus generated from in-force insurance and asset management business of $2,642 million (2023: $2,706 million) was in line with the shape of free surplus generation we set out from 2022 to 2027. We continue to invest in improving our operating model, to build capabilities and create value, including through addressing variances.\n- Adjusted operating profit before tax increased 10 per cent to $3,129 million. Adjusted operating profit after tax increased by 7 per cent to $2,582 million. Earnings per share based on adjusted operating profit was 89.7 cents per share, representing an increase of 8 per cent on a consistent basis with 2023 (before the adjustment in respect of the non-controlling interest in our Malaysia conventional life business).\n- Group EEV equity of $44.2 billion (2023: $45.3 billion on an actual exchange rate basis) equivalent to 1,664 cents per share (2023: 1,643 cents per share on an actual exchange rate basis).\n- Strong capital position with free surplus ratio of 234 per cent and GWS shareholder surplus over GPCR of $15.9 billion, equivalent to a cover ratio of 280 per cent. Allowing for the share buyback programme completion, payment of the 2024 second interim dividend and the commencement of the new bancassurance arrangement in Indonesia, the free surplus ratio would be 204 per cent.\n- Completed $1,045 million (123 million shares) in share buybacks as at 14 March under our $2 billion programme announced in June 2024. This programme is now expected to complete by the end of 2025 rather than our...