- Prudential Plc (SGX:K6S)’s 1H22 new business profit (NBP) fell 5% y-o-y on a constant exchange rate (CER) basis (7% y-o-y on an actual exchange rate, AER, basis) and was 16% above our forecast (3% above company-provided consensus’).
- - Read this at SGinvestors.io -
- 1H22 NBP margin was down 12% y-o-y and operating profit was up 6% y-o-y, all above our forecasts.
Bancassurance growth key in China
- Prudential’s diversified distribution channel was a key advantage in 1H22 for China. Despite a high 1Q21 base in China (1Q21 NBP growth was up 234% y-o-y, with 1H21 NBP growth up 80% y-o-y), and COVID-19 outbreaks in 2Q22, Prudential’s 1H22 NBP fell only 5% y-o-y, much better than our forecast.
- - Read this at SGinvestors.io -
Well prepared for Macau launch & the tapping of MCV demand
- Read more at SGinvestors.io.
