Prudential plc (PRU) Q2 2024 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.281 Hello, I'm Anil Vidvani, CEO of Prudential, and I'm delighted to give you an 00:00:05.281 -- 00:00:11.092 update on our first half 2024 results and the progress on the execution 00:00:11.092 -- 00:00:16.321 of our strategy announced 12 months ago. We are building momentum while addressing 00:00:16.321 -- 00:00:21.125 known challenges and identifying areas for continued improvement. 00:00:21.125 -- 00:00:26.303 As a reminder, we set out clear strategic and financial objectives 00:00:26.303 -- 00:00:31.460 to create shareholder value, driving high-quality sustainable growth and cash 00:00:31.460 -- 00:00:33.764 returns to our shareholders. 00:00:33.764 -- 00:00:39.271 Building on the last year's 47% growth rate, our new business profit for the first half 00:00:39.271 -- 00:00:41.534 grew by 8%, excluding 00:00:41.534 -- 00:00:45.659 economic effects, to $1.5 billion. 00:00:45.659 -- 00:00:50.665 We are pleased with this performance given we are lapping the strong 00:00:50.665 -- 00:00:56.111 first half 2023 competitor when the border between Hong Kong and the Chinese 00:00:56.111 -- 00:01:01.781 mainland reopened. New business profit growth for the first half was high quality 00:01:01.781 -- 00:01:06.911 and well diversified. We achieved growth in both health and protection and savings 00:01:06.911 -- 00:01:13.370 new business profit with bank assurance new business profit increasing by 28%. 00:01:13.370 -- 00:01:18.597 The benefits of our disciplined focus on quality and sustainability, 00:01:18.597 -- 00:01:23.645 including product and repricing actions, was evident from the improvement in 00:01:23.645 -- 00:01:28.972 new business profit margin x economics. A large and growing, enforced portfolio 00:01:28.972 -- 00:01:33.586 suppor...