- Prudential (SGX:K6S) participated in our regional financial conference, held on 6-7 Dec 2023.
Exceptionally strong MCV insurance growth
- Prudential’s 3Q23 annualised premium equivalent (APE) rose 252% y-o-y (9M23: +332% y-o-y), with 3Q23 APE to offshore customers up 4,345% y-o-y (9M23: +7,248% y-o-y). This was in part driven by a strong rise in agent productivity (see Prudential - Unleashed Spare Capacity To Drive Growth dated 30 Dec 2022, and Rising agent productivity driving MCV ANP, dated 1 Jun 2023), as well as rapid growth via the broker channel.
- - Read this at SGinvestors.io -
- In addition, we think that with mainland Chinese visitors’ (MCV) APE strength in 2023-to-date likely to have exceeded targets set at the start of 2023, Hong Kong insurers may also be as aggressive in chasing new sales in 4Q23F compared to 9M23.
Not as much exposure to the broker channel in Hong Kong as peers
- 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 2023-12-12
Read also CGS-CIMB's most recent report:
2024-03-12 Prudential - Market Share Growth Is Another Catalyst.
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
