Half Year 2024 Prudential PLC Earnings Call Transcript
Key Points
- Prudential PLC (PUK) reported an 8% growth in new business profit for the first half of 2024, reaching $1.5 billion.
- Operating profits grew by 9%, supported by a large and growing in-force portfolio.
- The company announced a $2 billion share buyback program and a 9% increase in the interim dividend to $188 million.
- Prudential PLC (PUK) successfully launched its enhanced customer digital platform, PruServices, and saw improved customer registrations and satisfaction.
- The company has made significant progress in its five-year strategy, showing early positive results from capability investments and disciplined financial and operational management.
- Prudential PLC (PUK) faced a disappointing Federal Court decision in Malaysia, overturning previous favorable judgments.
- The company experienced a decline in active agents in markets like Indonesia, Philippines, and Vietnam, indicating areas needing improvement.
- The solvency ratio in China has been impacted by lower rates, necessitating potential capital injections later in the year.
- The overall reported margins in China decreased from 43% to 35%, driven by lower rates and a higher mix of savings business.
- The company is still working on achieving positive operating variances, with ongoing efforts required in expense management and claims handling.
Good morning, and welcome to the Prudential half year results 2024 live Q&A session. My name is Adam, and I will be your operator today. (Operator Instructions)
I will now hand the floor to Patrick Bowes, Chief of Investor Relations to begin. So Patrick, please go ahead when you're ready.
Thank you, Adam, and good morning, good afternoon, everyone. Thank you for joining us. I'm delighted. I'm joined by our CFO and CEO. And I'll pass over to Anil to give us some opening remarks.
Thank you, Patrick. Good morning, and good evening, everyone. A very warm welcome to our results call. I'm Anil Wadhwani, CEO of Prudential plc, and I'm delighted to provide you with an update on our first half 2024 results.
Building on last year's exceptional growth of 47%, our new business profit for the first half grew by 8% to $1.5 billion, excluding economic effects. This growth was both
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