(Reuters) -Prudential signaled a renewed focus on ASEAN markets on Thursday, continuing efforts to boost its network of agents, while posting a near 13% rise in quarterly new business profit on
Prudential Increases Focus on ASEAN Markets as Q3 Profit Rises 13%
(Reuters) -Prudential signaled a renewed focus on ASEAN markets on Thursday, continuing efforts to boost its network of agents, while posting a near 13% rise in quarterly new business profit on strength in Hong Kong and mainland China regions.
On a constant exchange rate basis, the company posted new business profit of $705 million for the three months ended September 30, compared with $626 million a year earlier.
The Hong Kong segment delivered double-digit new business profit growth after a targeted shift towards health and protection products.
The company's joint venture CITIC Prudential Life also delivered strong growth momentum in mainland China.
"We continue to take actions to strengthen our agency force, with a particular focus on ASEAN markets, where we see an opportunity to build on the agency new business profit growth achieved in the markets of Greater China," said CEO Anil Wadhwani.
"Focused initiatives cover aspects such as improving agent quality, increasing activation and enhancing productivity."
In its Indonesia segment, however, the insurer said volumes were affected by a period of civil unrest which, combined with expected normalisation following the high growth in recent quarters, resulted in lower new business profit in the third quarter.
Prudential is also on track to complete its current $2 billion share buyback programme by the end of the year.
After the buyback is completed, Prudential plans to repurchase shares worth $500 million in 2026 and $600 million in 2027, as announced during its first-half results in August.
The company also said it continues to actively work on the proposed initial public offering of ICICI Prudential Asset Management Company in India.
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Shilpi Majumdar)
