By Justina Lee

Prudential PLC said operating profit rose in 2022, supported by a strategic re-positioning to focus solely on Asia and Africa.

The company's annualized premium equivalent sales for the year rose 9% to $4.39 billion, it said Wednesday.

The insurance-and-investment business made an IFRS adjusted operating profit of $3.375 billion, compared with $3.233 billion a year earlier, it said. This is one of the company's preferred metrics, which strips out exceptional and other one-off items and is a closely watched figure for the industry.

The company declared a full-year dividend of 18.78 cents a share.

The insurance company said it is seeing encouraging progress from the lifting of Covid-19 measures across the region.

"Demand for savings products across the Hong Kong business is driving the increase in APE sales in the first two months of 2023," it said.

However, the company also noted that operating conditions may remain challenging due to the volatile macroeconomic environment and higher inflation.

Write to Justina Lee at justina.lee@wsj.com

(END) Dow Jones Newswires

March 15, 2023 00:42 ET (04:42 GMT)

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