Prudential - CGS-CIMB Research 2023-08-16: Hong Kong Strength Offsets Some Regional Weakness

Prudential - Hong Kong Strength Offsets Some Regional Weakness

Prudential (SGX:K6S) | SGinvestors.ioPrudential (SGX:K6S)
  • We continue to expect Hong Kong (HK) mainland Chinese visitor (MCV) insurance purchases to drive Prudential (SGX:K6S)’s 1H23F new business profits (NBP), and forecast Prudential’s 1H23F NBP growth of 34% y-o-y on an actual exchange rate (AER) basis (1Q23: 26% y-o-y).
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Reliance on the agent channel and increased agent productivity

  • We believe that a reversal of the significant deterioration of agent productivity improvement over the 2018–2022 period has helped Prudential’s HK annualised premium equivalent (APE) growth outperform peers in 1Q23 and 2Q23F.
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Continued tailwinds for MCV growth due to several reasons

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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

Michael CHANG CFA CGS-CIMB Research | Laura LI Zhiyi CGS-CIMB Research | 2023-08-16

Read also CGS-CIMB's most recent report:
2024-03-12 Prudential - Market Share Growth Is Another Catalyst.

Previous report by CGS-CIMB:
2023-12-12 Prudential - Key Regional Financial Conference Takeaways.

Price targets by other brokers at Prudential Target Prices.

Listing of research reports at Prudential Analyst Reports.

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