Prudential PLC reported third-quarter new business profit (NBP) of $709 million on a constant exchange rate basis, representing a 1 per cent increase from the prior year. Year-to-date NBP reached $2,093 million, up 6 per cent, supported by a 3 percentage point expansion in new business margin to 42 per cent. Growth was driven by strong performance in bancassurance and Hong Kong domestic markets, which offset lower sales volumes in Chinese Mainland life operations due to regulatory changes. Excluding China mainland, NBP grew 13 per cent in Q3 and 11 per cent year-to-date. The company also announced a $0.3 billion increase to its share buyback programme, raising the total annual target to $1.5 billion, and welcomed Naveed Irshad as an additional regional CEO. Prudential provides life and health insurance and asset management in Greater China, ASEAN, India and Africa.
