Prudential plc (PRU) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello everyone and welcome to Prudential's full year 2023 results Q&A event. If you would like to ask a question on the call today, please press star 1 on your telephone keypad or press star 2 if you would like to withdraw your question. I will now hand the floor over to Patrick to begin. Please go ahead. Thank you Sebastian and welcome to everyone. We're going to just have a short address by Anil to start and then we'll go straight into questions and answers. Sebastian will explain to those on the call how to log their questions, but I'll pass over to Anil to kick off. Thank you, Patrick. Good morning, good evening, ladies and gentlemen. Very warm welcome to the 2023 full year results for Prudential. I'm Anil Vidvani. I'm the CEO for Prudential, and it's indeed my honor and pleasure to be welcoming you today. um earlier today we announced our results we are delighted with the strength of a performance i thought the results were excellent both on operational grounds as well as the financial performance that we delivered uh in 2023 our sales came in at 5.9 billion dollars for the full year up by 37%. Our new business profits came in at $3.1 billion, up 45%. 17 out of the 22 markets were able to register new business profit growth, 12 of them on a double-digit basis. The margins held up. In fact, they improved by four percentage points, ex-economics. And our IFRS earnings came in at $2.9 billion, up 8% year-on-year. So clearly, a very strong set of results. Hong Kong led the results, a strong rebound, post the borders opening up. And the pleasing aspect of the Hong Kong growth was that we were able to gain market share, both in domestic as well as in mainland Chinese visitor segment. And again, one of the other pleasing aspects of the Hong Kong results were that we gai...