Prudential Plc publishes full-year earnings

New chief points to "exciting time"

Prudential Plc publishes full-year earnings

Insurance News

By Terry Gangcuangco

Prudential Plc, which is headquartered in London and Hong Kong, is the latest insurance company to release its 2022 earnings report.

According to Prudential’s financial results release, the group saw a decline in IFRS profit after tax – from 2021’s US$2.2 billion to US$1 billion in 2022. The insurer’s adjusted operating profit, meanwhile, grew slightly from US$3.2 billion to US$3.4 billion.

Chief executive Anil Wadhwani, who took the top post last month and is “honoured to have joined Prudential at such an exciting time,” noted: “2022 was the first full year for the group as an Asia and Africa focussed business. We have delivered a resilient performance against a backdrop of COVID-19-related disruption and broader macroeconomic volatility.

“The results reflect the advantage of our diversified business model across the Asia region, highlighted by a balanced contribution to APE (annual premium equivalent) sales and new business profit from Hong Kong, the Chinese Mainland, and Taiwan and from Southeast Asia, including Singapore, Indonesia, and Malaysia.”

Prudential, which provides life and health insurance and asset management in 23 markets across Asia and Africa, has “a tremendous opportunity for long-term growth,” said the new CEO.

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