Prudential plc Full Year 2023 Results: Continuing Strong Performance
- Written by Prudential plc
Performance highlights on a constant (and actual) exchange rate basis
- New business profitup 45 per cent (43 per cent) to $3,125 million. Excluding the effect of interest rate and other economic movements, new business profit up 47 per cent (45 per cent)
- Operating free surplus generated from in-force insurance and asset management business of $2,740 million (2022: $2,725 million ($2,760 million))
- Adjusted operating profit up 8 per cent (6 per cent) to $2,893 million
- EEV shareholders' equity is up 7 per cent to $45.3 billion, equivalent to 1,643 cents per share, on an AER basis.
- GWS shareholder capital surplus over GPCR of $16.1 billion, equivalent to a cover ratio of 295 per cent (31 December 2022: 307 per cent)
- Second interim dividend of 14.21 cents per share, 20.47 cents per share for the full year, up 9 per cent
"It has been six months since the launch of our new strategy and it's highly encouraging to see the early progress on our strategic objectives of improving our customer experience, driving technology powered distribution and transforming our business model in Health. We have on-boarded senior leadership talent in Health, Technology and added to our talent in our key markets as we continue to strengthen our capabilities in line with our strategic priorities.
"We delivered an excellent financial and operational performance in 2023 and deployed increased levels of capital in new business, enhancing core capabilities and expanding distribution. Sales growth has continued in the first two months of 2024. Given the relentless execution focus in implementing our strategy, we are increasingly confident in achieving our 2027 financial and strategic objectives and in accelerating value creation for our shareholders."
| Summary financials | 2023 $m | 2022 $m |
Change on
AER basis |
Change on
CER basis |
| New business profit | 3,125 | 2,184 | 43% | 45% |
| Operating free surplus generated | 2,007 | 2,193 | (8)% | (8)% |
| Operating free surplus generated from in-force insurance and asset management business | 2,740 | 2,760 | (1)% | 1% |
| Adjusted operating profit | 2,893 | 2,722 | 6% | 8% |
| IFRS profit (loss) after tax | 1,712 | (997) | n/a | n/a |
| 31 Dec 2023 | 31 Dec 2022 | |||
| Total | Per share | Total | Per share | |
| EEV shareholders' equity | $45.3bn | 1,643¢ | $42.2bn | 1,534¢ |
| IFRS shareholders' equity | $17.8bn | 647¢ | $16.7bn | 608¢ |
| Adjusted IFRS shareholders equity | $37.3bn | 1,356¢ | $35.2bn | 1,280¢ |
Further information on actual and constant exchange rate bases is set out in note A1 of the IFRS financial statement. All results are presented in US dollars.
IFRS Comparatives for 2022 have been restated to reflect the retrospective application of IFRS 17. See note A2.1 to the financial statements for further information and reconciliation.
Hashtag: #Prudentialplc
The issuer is solely responsible for the content of this announcement.
References
- ^ Media OutReach Newswire (www.media-outreach.com)
Authors: Prudential plc
Read more https://www.media-outreach.com/news/hong-kong-sar/2024/03/20/286071/
