Prudential Hong Kong’s Annual Premium Equivalent Sales Up 12% YoY

Prudential has announced an 8% increase in new business profit in Hong Kong during the first nine months of 2024. This growth is driven by improved margins from earlier pricing adjustments and a focus on high – quality products.

In the third quarter ending 30 September, total annual premium equivalent (APE) sales rose 12% year – on – year. This performance narrowed the year – to – date APE sales gap to just 1% below the previous year’s level. While total agency APE sales dipped in the first nine months, they rebounded with an 8% increase in the third quarter, boosted by a strong September.

APE sales through bancassurance channels soared 33% in the third quarter compared to the same period last year. Sales to local Hong Kong customers and Mainland Chinese visitors also drove growth, with domestic APE sales up 36% and sales to visitors up 1% over the prior – year quarter.

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