Prudential - DBS Research 2023-02-13: Recovery In Mainland Chinese Visitors Segment To Drive Multi-Year Growth

Prudential - Recovery In Mainland Chinese Visitors Segment To Drive Multi-Year Growth

  • Revival in HongKong's Mainland Chinese Visitors (MCV) market segment to drive new business profit (NBP) growth of 16% and 19% y-o-y for Prudential in FY23 and FY24 respectively.
  • Expect China business to experience solid growth supported by strong bancassurance channel.
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Prudential – Investment Thesis

Well positioned to capture structural life insurance opportunities in fast-growing Asia market.

  • After the spinoff of its UK/US businesses, Prudential (SGX:K6S) turned to purely focus on the fast-growing life insurance market in pan Asia. Prudential’s top 3 market position in most of the larger market in pan-Asia enables the insurer to capture the structural life insurance opportunities in the years to come.

Multi-channel distribution strategy to drive multi-year new business profit (NBP) growth.

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  • We believe its multi-channel strategy enables Prudential to boost strong growth momentum as entering into 2023.

Growth momentum will reaccelerate with new business profit (NBP) growth of 16%/19% in FY23F/FY24F.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Ken SHIH DBS Group Research | Iris GAO DBS Research | 2023-02-13

Read also DBS's most recent report:
2024-04-25 Prudential 1Q24 Preview - Product Mix Improvement To Offset Margin Pressure.

Previous report by DBS:
2024-03-22 Prudential - Firm Growth Momentum Ahead.

Price targets by 2 other brokers at Prudential Target Prices.

Listing of research reports at Prudential Analyst Reports.

Relevant links:
Prudential Share Price History,
Prudential Announcements,
Prudential Dividends & Corporate Actions,
Prudential News Articles


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