Prudential PLC reported a 13% rise in third-quarter new business profit, driven by continued strong performance in its key Asian markets.
The Asia-focused insurer said on Thursday that new business profit, a key measure of future profitability, grew to $705 million in the three months ended Sept. 30 on a constant currency basis.
Annual premium equivalent sales, a measure of new business written, increased by 10% to $1.72 billion over the same period.
"The momentum of our delivery continues with another quarter of double-digit growth in Q3," said CEO Anil Wadhwani, adding that the results put the company "firmly on track to achieve our 2025 guidance and our 2027 financial objectives."
The company reported double-digit new business profit growth in Hong Kong and strong momentum in mainland China, though profit in Indonesia declined, which Prudential attributed to a period of civil unrest.
Prudential also said it repurchased $258 million of its shares during the quarter, continuing its $2 billion share buyback program which it expects to complete by the end of the year.
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