Prudential’s first quarter new business profit yielded an 11% year-on-year climb, reaching $810m when excluding economic impacts. The period’s annual premium equivalent sales saw a 7% YoY increase, reaching $1.6b.
Notably, new business margins saw a YoY increase, reaching 69%, supported by a 16% YoY surge in health and protection APE sales. CPL's focus on product optimisation led to a 4-percentage-point increase in new business margins, maintaining consistency with full-year 2023 margins. Conversely, Indonesia experienced a 10% YoY decline in APE sales compared to Q1’23, attributed to regulatory actions on investment-linked products.
Though new business margins declined due to business mix effects, overall new business profit surged, underscoring the segment's growth potential.