Prudential’s APE Sales Rise 7% to $5b in First 9 Months of 2024

Prudential Reports Strong Performance and Growth in 2024: Prudential has seen significant growth in its business this year. Bancassurance sales have risen by 21% year – to – date. From January to September 2024, the company achieved a new business profit of $2.35 billion, marking an 11% year – on – year increase.

Positive APE Sales and Projections: The company’s annual premium equivalent (APE) sales for the first nine months of 2024 climbed 7% to $4.64 billion. In the third quarter of 2024 alone, APE sales were up 10% year – on – year, demonstrating growth across all segments. Anil Wadhwani, Prudential’s CEO, reaffirmed the company’s projection for new business profit growth in 2024, which is expected to be between 9% and 13%.

Distribution Expansion and Regional Performance: Prudential has expanded its distribution capabilities. It has entered a long – term partnership with Bank Syariah Indonesia, opening access to around 20 million customers, and has taken full ownership of its Nigeria life operations. Agency – driven APE sales grew 11% in Q3 2024 compared to the previous year across four growth regions. Bancassurance sales were up 21% year – to – date and 12% in Q3 2024, driven by growth in Hong Kong, China, and Thailand, though growth in Taiwan moderated.

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