By Sherry Qin

 

Prudential PLC said Monday that nine-month sales rose significantly due to positive developments in multiple channels and geographic markets.

The insurance-and-investment business said APE sales--a measure that comprises the aggregate of annualized regular premiums and a 10th of single premiums on new business written during the year for all insurance products--rose 40% to $4.42 billion.

The increase was led by Prudential's Hong Kong market, with higher sales to both mainland Chinese visitors and domestic customers compared with the same period last year.

New business profit rose 37% to $2.14 billion, which it attributed to its multimarket, multichannel strategy.

Going forward, the company said its diversified business model and strong capitalization position will help it navigate ongoing challenges in the macroeconomic and geopolitical environment.

"New business momentum has continued into the fourth quarter supported by our multi-market growth engine," Prudential added.

 

Write to Sherry Qin at sherry.qin@wsj.com

 

(END) Dow Jones Newswires

November 05, 2023 23:33 ET (04:33 GMT)

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