The results underscore the challenge to maintain Prudential’s growth targets, as the effects of pent-up demand unleashed last year after China’s reopening begin to fade. CEO Anil Wadhwani has been on a mission to reinvigorate the insurer, which has lagged behind rival AIA Group in new business growth and share price performance.
Prudential reported a 1.4% drop in new business profit for the first half, hit by slower sales in mainland China, Hong Kong and Indonesia.
The profitability measure of new policies sold totalled US$1.47 billion ($1.92 billion), down from US$1.49 billion a year earlier, the group said in an exchange statement on Wednesday. That is compared with the US$1.46 billion average estimate of 10 analysts compiled by the company.
