Prudential - UOB Kay Hian 2023-03-16: 2022 Results Below Expectations, Better Recovery Ahead

Prudential - 2022 Results Below Expectations, Better Recovery Ahead

  • 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 -
  • 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 -
  • 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.

  •

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 @

Sabrina Soh UOB Kay Hian Research | 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


You May Also Like

SGX Stock / REIT Search


Most Read

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🎁