Prudential - DBS Research 2023-11-10: Hong Kong Market To Drive Growth

Prudential - Hong Kong Market To Drive Growth

Prudential (SGX:K6S) | SGinvestors.ioPrudential (SGX:K6S)
  • 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.
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  • 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.
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Ambitious targets set over the next five years till 2027.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Ken SHIH DBS Group Research | Iris GAO DBS Research | 2023-11-10

Read also DBS's most recent report:
2024-03-22 Prudential - Firm Growth Momentum Ahead.

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


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