Prudential plc (PRU) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, I'm Anil Vidvani, CEO of Prudential, and I'm delighted to give you an update on our first half 2024 results and the progress on the execution of our strategy announced 12 months ago. We are building momentum while addressing known challenges and identifying areas for continued improvement. As a reminder, we set out clear strategic and financial objectives to create shareholder value, driving high-quality sustainable growth and cash returns to our shareholders. Building on the last year's 47% growth rate, our new business profit for the first half grew by 8%, excluding economic effects, to $1.5 billion. We are pleased with this performance given we are lapping the strong first half 2023 competitor when the border between Hong Kong and the Chinese mainland reopened. New business profit growth for the first half was high quality and well diversified. We achieved growth in both health and protection and savings new business profit with bank assurance new business profit increasing by 28%. The benefits of our disciplined focus on quality and sustainability, including product and repricing actions, was evident from the improvement in new business profit margin x economics. A large and growing, enforced portfolio supported and encouraging 9% growth in operating profits. Our gross operating free surplus generation was very much in line with our expectations. Driving total shareholder return is a priority for us. This includes ensuring we have the right portfolio mix and that our organic and inorganic investments meet our required rate of return. We are deploying our capital in a disciplined manner, retaining sufficient flexibility to invest in quality new business growth and strategic initiatives, and all while delivering sustainable shareholder returns. Reflecting ou...