- Prudential (SGX:K6S) released 9M23 business update, Its value of new business (VNB) increased 48% y-o-y, excluding economic impacts, beating market expectations. The strong VNB growth was mainly driven by robust annualised premium equivalent (APE) growth and an improved VNB margin due to a favourable product mix shift.
- - Read this at SGinvestors.io -
- The appetite for savings products remained elevated in 3Q, while the average ticket size started to normalise, which we believe would support the VNB margin improvement.
Our first forecast under IFRS9/17.
- We are publishing our forecasts for the first time based on the IFRS9/17 standard. We expect a net profit of US$2.2bn for Prudential in FY23F, with y-o-y growth of 14%/10% for FY24F/25F, respectively, mainly driven by the steady growth of the insurance service result and investment result.
- - Read this at SGinvestors.io -
Ambitious targets set over the next five years till 2027.
- Read more at SGinvestors.io.
Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
Ken SHIH DBS Group Research | Iris GAO DBS Research | https://www.dbs.com/insightsdirect/ 2023-11-10
Read also DBS's most recent report:
2025-01-23 Prudential 2H24 Preview - Headwinds To New Business Profit, But Robust Sales..
Previous report by DBS:
2024-08-30 Prudential - Value Growth Regaining Momentum.
Price targets by other brokers at Prudential Target Prices.
Listing of research reports at Prudential Analyst Reports.
Relevant links:
Prudential Share Price History,
Prudential Announcements,
Prudential Dividend Payout Dates & Corporate Actions,
Prudential News
