Prudential PLC Turns To Profit In H1 - Quick Facts

(RTTNews) - Prudential plc (PRU.L, PUK) reported Wednesday that its first-half IFRS profit attributable to equity holders was $944 million, compared to last year's loss of $1.51 billion. IFRS earnings per share were 34.5 US cents, compared to loss of 55.1 US cents a year ago.

Profit before tax attributable to shareholders was $1.18 billion, compared to loss of $1.35 billion last year. Adjusted operating profit was $1.46 billion, up 4% from the prior year.

In the first half, new business profit climbed 36 percent to $1.49 billion from prior year's $1.10 billion. The company noted that 17 of its life markets delivered growth, 16 of which by double digits. Excluding the effect of interest rate and other economic movements, new business profit was up 52 percent.

APE sales were up 42 percent to $3.03 billion and this sales momentum continues into the current third quarter.

Insurance revenue grew to $4.59 billion from last year's $4.16 billion.

Further, the company said its Board has approved a 2023 first interim cash dividend of 6.26 cents per share, up 9 percent from 5.74 cents per share last year.

The company expects the annual dividend to grow in the range 7 percent to 9 percent per annum over 2023 and 2024.

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