Business
Prudential plc – HY17 Results – Business Review
Prudential plc – HY17 Results – Business Review.
About this update from Prudential Plc
[{"type":"text","content":"\n\n \n\n \nNEWS RELEASE\n30 August 2023\n \n \nPRUDENTIAL PLC HALF YEAR 2023 RESULTS: DELIVERING A STRONG PERFORMANCE AND STRATEGIC UPDATE\n \nPrudential plc (\"Prudential\"; HKEX: 2378; LSE: PRU) today announced its financial results for the six months ended 30 June 2023 along with a strategic update.\n \nPerformance highlights on a constant (and actual) exchange rate basis1\n· New business profit2 up 39 per cent (36 per cent) to $1,489 million, with 17 of our life markets delivering growth3, 16 of which by double digits. Excluding the effect of interest rate and other economic movements, new business profit was up 52 per cent (48 per cent)\n· APE sales4 up 42 per cent (37 per cent) to $3,027 million\n· Adjusted operating profit5 up 6 per cent (4 per cent) to $1,462 million\n· Operating free surplus generated from in-force insurance and asset management business6 down (2) per cent ((4) per cent) to $1,438 million\n· EEV operating profit7 up 22 per cent (19 per cent) to $2,155 million. EEV shareholders equity is $43.7 billion, equivalent to 1,588 cents per share\n· GWS shareholder capital surplus over GPCR of $15.5 billion8, equivalent to a cover ratio of 295 per cent8 (31 December 2022: 307 per cent)\n· Adjusted IFRS equity9 of $36.4 billion, up 4 per cent10 from 31 December 2022, equivalent to 1,324 cents per share. Annualised Contractual Service Margin11 growth of 8 per cent.\n· First interim dividend of 6.26 cents per share, up 9 per cent10 with guidance for 2023 and 2024 of expected annual growth between 7-9 per cent\n \nStrategic update\nAlongside interim results, CEO Anil Wadhwani announced a new purpose and strategy following the completion of his strategic and operational review.\n \nPrudential's new purpose statement - For Every Life, For Every Future - reflects its mission to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions.\n \nPrudential's new strategy will build a sustainable growth platform, through targeted investment in structural growth markets across Asia and Africa by:\n \n· Enhancing c...