Prudential PLC on Monday said that profit in the first nine months of 2023 rose on the back of consumer demand in Asia.

The Asia-focused insurer said new business profit rose 34% year-on-year to $2.14 billion from $1.60 billion.

New business sales rose 36% to $4.42 billion from $3.25 billion, boosted by Hong Kong with increased sales to Chinese Mainland visitors and domestic customers.

It added that excluding economic impacts, new business profit was 45% higher.

The company highlighted demand for savings and health and protection products.

Looking ahead, Prudential said it is well placed to navigate ongoing challenges in the macro-economic and geopolitical environment.

Chief Executive Officer Anil Wadhwani said: ‘We are focused on the execution of our recently announced five-year strategy designed to enhance the group’s operational efficiency and increase the productivity of our agency and bank distribution channels. We continue to build our core capabilities across our strategic pillars of customer, distribution and health and supporting enablers including technology.

The company said: ’Our diversified business model and strong capitalisation positions us well to navigate ongoing challenges in the macro-economic and geopolitical environment. Looking forward the environment continues to be challenging but new business momentum has continued into the fourth quarter supported by our multi-market growth engine.‘

Prudential shares were 0.8% lower at 892.00 pence each on Monday morning in London.

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