The Asia-focused group reported a 3% fall in new business profit across Hong Kong and a 33% decline in mainland China.
Insurance giant Prudential has revealed a drop in new business profit after tougher trading in its key markets of Hong Kong and China.
Its mainland Chinese joint venture also suffered a 33% decline in new business to 115 million US dollars .The performance across China and Hong Kong dragged down its overall new business profit result for the half-year, down 1% to 1.47 billion US dollars , when taking exchange rate movements into account.
The group – which is listed in Hong Kong and London – said it had “taken steps to reposition our business in the Chinese mainland ahead of both regulatory and macro-economic changes”, while it insisted it is on track with 2027 new business profit goals. Chief executive Anil Wadhwani said: “We entered this year with a clear strategy and a set of outcomes we are confident in achieving by 2027, namely a compounded annual growth rate for new business profit of 15 to 20% and double-digit for cash generation, both measured from a 2022 base.”
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong Fencer Retires After Winning Gold Amid Uproar Over Pro-China College ThesisVivian Kong said she would quit her fencing career days after controversy erupted over her apparent support for Beijing’s crackdown on Hong Kong’s pro-democracy movement.
Read more »
Researchers in Zurich successfully perform remote magnetic endoscopy on a live pig in Hong KongResearchers at ETH Zurich and The Chinese University of Hong Kong have succeeded for the first time in using remote control to perform a magnetic endoscopy on a live pig. The researchers controlled the probe from Zurich while the animal was on the operating table in Hong Kong.
Read more »
Hong Kong investor buys UK wind farms for £350mnCK Infrastructure, controlled by Li Ka-shing’s family, will acquire 32 generation assets from Aviva Investors
Read more »
IM Pei, Hong Kong review — much more than just the Louvre PyramidThe M+ museum shows how the architect defied the profession’s lone-wolf stereotype in enigmatic yet generous buildings
Read more »
Glasgow's exciting new Hong Kong cafe and bakery offering colourful cakes and boba teasBoba Bakes Hong Kong Café has just opened on Cambridge Street and is offering a large range of colourful celebration cakes and delicious boba teas.
Read more »
L’Occitane and the trouble with trying to leave Hong KongPrada and Samsonite must be watching with interest the skincare group’s attempt to delist
Read more »