Highlights
- Prudential’s H1FY24 saw a slight 1.4% decline in new business profit to USD 1,468 million.
- Prudential began the second tranche of its USD 2 billion share buyback program, valued at USD 800 million.
- Sales momentum increased in June, with growth expected to meet 2022-2027 profit targets.
Prudential PLC (LSE:PRU) specializes in offering health & life insurance and asset management products across Africa and Asia.
In the first half of financial year 2024, (H1FY24), Prudential reported a slight decline of 1.4% in new business profit, to USD 1,468 million, compared to USD 1,489 million in H1FY23. This decrease of USD 21 million was primarily driven by adverse channel and country mix effects, though an 8% rise excluding economic impacts reflected higher volumes in Taiwan, Singapore, and Hong Kong domestic businesses. In contrast, the EEV operating profit increased by 8.6 to USD 2,296 million. It was driven by higher profits from in-force insurance and the Eastspring asset management business.
Recent Business Update
Earlier in December, PRU announced the commencement of the second tranche of its USD 2 billion share buyback program. This tranche is valued at USD 800 million. It follows the successful completion of the first tranche on 15 November 2024, which amounted to USD 700 million.
According to the company's third quarter (Q3) business performance update, total APE sales grew by 7% year-to-date and 10% in Q3, driven by broad-based growth across all segments. This performance was supported by a multi-channel distribution model and geographic diversification. Agency APE sales increased by 11% in Q3, fueled by agent activation, while bancassurance sales rose 21% year-to-date and 12% in Q3, with strong contributions from Hong Kong, China, and Thailand. By October 2024, the USD 2 billion share buyback program had repurchased 66 million shares, totaling USD 570 million.
Company Outlook
As per the company, sales momentum picked up in June and is expected to continue through the second half of 2024, with new business profit growth on track to meet 2022-2027 targets.
Top 10 Shareholders:
The top 10 shareholders of PRU own about 29.15% of the total shares. BlackRock Institutional Trust Company, N.A. holds the largest stake, with approximately 5.24%. Norges Bank Investment Management (NBIM) follows with around 4.28%.

Price Performance
The stock price of PRU has increased by approximately 8.23% over the past month, although it has declined by around 5.77% in the last six months. Its 52-week low is GBX 594.80, while its 52-week high is GBX 907.20. As of 13 December 2024, the stock closed at GBX 647.20, which is below the average of its 52-week high and low.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 12 December 2024. The reference data in this report has been partly sourced from EODHD/Others.






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