HONG KONG: Prudential on Wednesday (Aug 28) reported a 9 per cent rise in first-half operating profit, backed by strong policy sales in Singapore, but a slowdown in business in China and Indonesia weighed on overall growth. The London and Hong Kong dual-listed company posted operating profit of US$1.
HONG KONG: Prudential on Wednesday reported a 9 per cent rise in first-half operating profit, backed by strong policy sales in Singapore, but a slowdown in business in China and Indonesia weighed on overall growth.
The annual premium equivalent sales - a sales volume gauge - of its Singapore operation grew by 17 per cent to US$450 million in the first six months from the same period a year ago, with the city state replacing China onshore to become Prudential's second largest new sales market. The weak sales came after Prudential and Citic, which each own 50 per cent of the unit, injected 2.5 billion yuan in cash in December last year.
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