- In the pre-blackout call, Prudential's management indicated that there is no significant change in 4Q23 trend but it remains cautiously optimistic on the MCV segment and CPL growth outlook in 2024 following the moderation in MCV arrivals and continued sales disruption in China due to regulatory changes.
- - Read this at SGinvestors.io -
What's new
- We had a 2023 results pre-blackout call with Prudential (SGX:K6S) this week. Here are the key takeaways from the call.
Banca headwinds persist in China.
- The ongoing product mix adjustments and regulatory changes continue to dampen the CITIC Prudential Life’s (CPL) annual premium equivalent (APE) sales via bancassurance channel in China.
- - Read this at SGinvestors.io -
- With the bancassurance channel contributing 50% of total APE sales in China, we are adopting a more conservative approach to CPL's growth trajectory. In light of the factors above, we cut our APE growth assumptions for CPL in 2024/25 to 10%/13%, from the earlier projections of 20%/20%.
Hong Kong MCV segment is normalising.
- Read more at SGinvestors.io.
