Prudential posts 8% rise in first-half new business profit, expands share buyback
It increased its 2026 share repurchase programme by US$300 million to US$1.5 billion
Prudential reported an 8% rise in first-half new business profit, reaching US$1.38 billion, slightly below expectations. Growth was driven by strong performance in Hong Kong, Malaysia, and Singapore. New business profit in Hong Kong increased 8% on a constant exchange rate basis to US$581 million, while in Malaysia, it rose 46% to US$70 million.
In mainland China, new business profit declined 4% on a CER basis to US$159 million, due to a shift towards lower-profit products and regulatory changes affecting bank distribution costs. Excluding China, new business profit grew by 10% on a CER basis. The insurer also expanded its share buyback program by US$300 million, now totaling US$1.5 billion.
Despite concerns over potential personal income tax on Hong Kong insurance policies imposed by China, Prudential remains confident in the structural growth prospects of its Hong Kong business.
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