Asia-focused insurer Prudential on Wednesday reported a rise in annual operating profit driven by new business amid the Covid pandemic.
Adjusted operating profit increased 16% to $3.23bn and beat the consensus of $3.19bn. New business profit rose 13% to $2.5bn.
A final dividend of 11.86 cents was declared, making a total of 17.23 cents per share for the full year, up 7%.
New business levels in Hong Kong, its Asia headquarters, continued to face pressure from the extended mainland China border closure, the company said.
“The timing of the opening of the Hong Kong border remains uncertain and Covid-19 will continue to have an impact”, said outgoing chief executive Mike Wells.
Prudential’s results are its first after two major demergers as it pivoted to focus on Asian and African markets. It sold its US business Jackson last September, after a spin-off of British and European business M&G in 2019.
“The current conflict in Ukraine could have wider implications for global economic and market conditions as well as geopolitical relations,” Wells added.
