Prudential sees ‘early progress’ in growth strategy as profits rise

Prudential revealed a rise in profits for the past year as it hailed “early progress” in its recent growth strategy.

The insurance and asset management giant said it is “increasingly confident” it will now achieve growth targets for 2027, which it set out following a strategy review last year.

It came as the company revealed that adjusted operating profits grew by 6% to 2.89 billion US dollars (£2.27 billion) in 2023, compared with the previous year.

Chief executive Anil Wadhwani cheered the performance as “a very strong set of results while operating in a challenging macro environment”.

The group said it benefited from positive policy sales in Asia and Africa over the year.

This helped to drive a 45% increase in new profit during the year, bosses said.

The London and Hong Kong-listed firm said its financial performance was also bolstered by its Eastspring investment management business and cost reductions.

Prudential also said sales continued to grow in the first two months of 2024 as momentum carried over.

Mr Wadhwani said: “It has been six months since the launch of our new strategy and it’s highly encouraging to see the early progress on our strategic objectives of improving our customer experience, driving technology-powered distribution and transforming our business model in health.

“We delivered an excellent financial and operational performance in 2023 and deployed increased levels of capital in new business, enhancing core capabilities and expanding distribution.

“Given the relentless execution focus in implementing our strategy, we are increasingly confident in achieving our 2027 financial and strategic objectives and in accelerating value creation for our shareholders.”

The group’s board also approved a fresh dividend payment, taking total dividends to 20.47 cents per share, up 9% year on year.