Prudential’s new business profit drops to US$2.18b in FY22

The insurer attributed the decline to higher interest rates and business mix effects.

Prudential plc reported a lower new business profit of US$2.18b in FY22.

This translates to a 14% and 11% drop from FY21 on an actual exchange rate (AER) and constant exchange rate (CER) basis, respectively.

READ MORE: AIA Group VONB dips 5% YoY

The insurer attributed the decrease to higher interest rates and business mix effects.

These factors also offset the impact of higher volumes of Prudential’s APE sales which increased 9% and 5% on CER and AER basis, respectively, to US$4.39b.

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