Prudential's 2024 profit rises on strong Asia-Africa growth, more agents

(Reuters) -Prudential PLC posted a rise in adjusted operating profit before tax for fiscal 2024 on Thursday, as the Asia-focused insurer benefited from strong performance across business segments in Asia and Africa.

The London and Hong Kong dual-listed company also benefited from an uptick in its agent count to 67,000 in the second half of 2024, from 63,000 in the first half.

The insurer additionally attributes the earnings rise to improved cash flow for new business, better health claims management and advancements in IT infrastructure.

The company posted an adjusted operating profit before tax of $3.13 billion for the 12 months ended December 31, which is an 8% increase on an actual exchange rate basis and an 11% increase on a constant exchange rate basis compared with the previous year.

Prudential's bancassurance new business profit increased by 12% on a constant exchange rate basis, while the company reported a total new business profit of $3.08 billion, up 11% from the previous year.

The company also declared a second interim cash dividend of 16.29 cents apiece, and a total 2024 dividend of 23.13 cents per share.

(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Vijay Kishore)

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