Prudential, a dual-listed company in London and Hong Kong, is strategically shifting its focus towards the emerging markets of Asia and Africa. These regions represent a substantial growth opportunity, with a combined population of approximately four billion and an estimated $1 trillion in additional annual gross written premiums by 2033. The insurer sees significant potential due to low insurance penetration rates and substantial protection and savings gaps, which are estimated at $1.8 trillion across its target markets.
The company's expansion is buoyed by strong financial performance, with new business profit rising by 12% on a constant exchange rate basis to $2.78 billion for the year ended December 31, and a 13% increase to $2.78 billion on an actual exchange rate basis. This growth was particularly strong in Hong Kong and China, contributing to an overall 10% increase in new business profit to $686 million in the first quarter. Prudential also reported an improved new business margin, which increased by two percentage points to 38%.
Prudential has outlined plans to return more than $7 billion to shareholders between 2024 and 2027, including a $1.3 billion capital return in 2027. This commitment is supported by a $1.2 billion share buyback program initiated in January, which has already seen the repurchase of approximately 20 million shares for $312 million. The company aims to achieve double-digit growth in key financial metrics in 2026 and meet its 2027 financial objectives, confident in its disciplined value creation and distribution strengthening across its diverse markets.
