- Prudential (SGX:K6S)’s 2022 results missed our expectations, mainly affected by rising interest rates. In 2M23, Prudential recorded double-digit APE growth, with the reopening of the Hong Kong-China border expected to drive Prudential's premium growth, resulting in a strong growth in new business value.
- - Read this at SGinvestors.io -
- Maintain BUY with target price for Prudential reduced to HK$141.90 as we trim our 2023/24 new business profit (NBP) and embedded value (EV) forecasts.
Prudential's 2022 new business profitability below expectations.
- - Read this at SGinvestors.io -
- The negative deviation was due to rising interest rates which led to both higher risk discount rates and higher assumed fund earned rates being applied.
- Nevertheless, Prudential’s annual premium equivalent (APE) sales still recovered 4.7% y-o-y to US$4,393m from 2022 due to a better y-o-y recovery in some operating countries.
China and Hong Kong.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Sabrina Soh UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-03-16
Read also UOB's most recent report:
2024-03-21 Prudential - Strong Beat In Nbp Growth On Significant Margin Improvement In 2h23.
Previous report by UOB:
2023-12-15 Prudential - More Conservative On Growth Outlook.
Price targets by 3 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
