PUK Prudential Plc

   By Yongchang Chin 
 

Prudential PLC reported a 16% higher headline operating profit in 2021 on the strength of its Asia business, as it completed the repositioning of its business to focus solely on Asia and Africa, the company said Wednesday.

The company's annualized premium equivalent sales for the year rose 8% to $4.19 billion, it said.

The insurance-and-investment business made an IFRS adjusted operating profit from continuing operations of $3.23 billion, compared with $2.76 billion a year earlier, it said. This is one of the company's preferred metrics, which strips out exceptional and other one-off items and is a closely watched figure for the industry.

The company declared a full-year dividend of 17.23 cents a share.

Prudential said its Hong Kong new-business levels remained affected by the continuing mainland China border closures, though this was offset by its business in other markets including mainland China, India, Malaysia, the Philippines, Singapore and Thailand.

"We enter 2022 with a strong balance sheet and capital position," the company said. "The timing of the opening of the Hong Kong border remains uncertain and Covid-19 will continue to have an impact."

"The current conflict in Ukraine could have wider implications for global economic and market conditions as well as geopolitical relations. However, we believe our multichannel approach and focus on quality business and operating efficiency is the right strategy for dealing with volatile operating conditions," Prudential said.

Write to Yongchang Chin at yongchang.chin@wsj.com

(END) Dow Jones Newswires

March 08, 2022 23:50 ET (04:50 GMT)

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