LONDON (dpa-AFX) - Prudential PLC (PUK, PRU.L, 2378.HK, K6S.SI), a Hong Kong-based insurer and asset manager, reported Thursday a drop in first-half profit, while adjusted operating profit increased from last year, with growth in APE sales and insurance revenue.
Looking ahead, CEO Anil Wadhwani stated: 'We remain firmly focused on the delivery of our FY26 guidance of double-digit growth in new business profit, Gross OFSG and Adjusted EPS, together with double-digit dividend per share growth, and on achieving our 2027 financial objectives.'
Prudential also announced a further share buyback of approximately $0.3 billion to be completed by December 18, 2026. The buyback supplements previously indicated buybacks of $1.2 billion for 2026 and $1.3 billion for 2027.
In the first half, IFRS profit after tax fell 27 percent to $995 million from $1.359 billion last year. Earnings per share declined to 37.8 cents from 49.1 cents in the comparable period.
Adjusted operating profit after tax was $1.523 billion, up 11 percent from $1.366 billion in the prior-year period.
Basic adjusted operating profit per share increased 18 percent to 58.4 cents from 49.3 cents a year ago.
Adjusted operating profit before tax reached $1.812 billion, a 10 percent increase from $1.644 billion last year.
New business profit grew 10 percent to $1.384 billion from $1.260 billion last year. New business margin expanded by 2 percentage points to 40 percent of annual premium equivalent or APE.
APE sales increased 4 percent to $3.428 billion from $3.288 billion a year earlier.
Present value of new business premiums or PVNBP rose 5 percent to $15.667 billion from $14.886 billion in the prior year.
Insurance revenue reached $5.904 billion, compared to $5.326 billion in the prior half, while the insurance service result improved to $1.376 billion from $1.240 billion last year.
In Hong Kong, the shares were trading at HK$109.500, down 0.99 percent.
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