- 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).
- - Read this at SGinvestors.io -
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.
- - Read this at SGinvestors.io -
Continued tailwinds for MCV growth due to several reasons
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
Michael CHANG CFA CGS-CIMB Research | Laura LI Zhiyi CGS-CIMB Research | https://www.cgs-cimb.com 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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Prudential Share Price History,
Prudential Announcements,
Prudential Dividends & Corporate Actions,
Prudential News Articles
