Prudential plc has reported its 2024 business performance, ending 31 December 2024. Key highlights include new business profit of $3,078 million, up 11%2. The operating free surplus from in-force insurance and asset management was $2,642 million (2023: $2,706 million), in line with the shape of free surplus generation we set out from 2022 to 2027. We continue to invest in improving our operating model, to build capabilities and create value. Adjusted operating profit before tax rose by 10% to $3,129 million, while after tax it increased by 7% to $2,582 million. Earnings per share based on adjusted operating profit were 89.7 cents, up 8%. 2024 total dividend was 23.13 cents per share, up 13 per cent, with 2024 the second interim dividend of 16.29 cents per share. Including share buybacks total shareholder returns in FY24 were $1.4 billion.
Anil Wadhwani, Chief Executive Officer of Prudential, commented: “In 2024 we made good progress in executing on our strategy to improve our operational capabilities and deliver growth. Our financial performance was in line with our guidance, with new business profit up 11 per cent and operating free surplus generated of $2,642 million. On a traditional embedded value (TEV) basis, which we will be converting to from Q1 2025, new business profit also grew 11 per cent in the year. The long-term growth trends inherent in our Asia and Africa markets are reasserting themselves, creating significant opportunities for us. Insurance penetration rates in Asia are low and there is continued, and growing, demand for long term savings and protection products across our markets, alongside a need for wealth management and retirement planning, particularly in our higher income Asian markets.
"We are well positioned to capitalise on this growth opportunity. Our focus is on writing quality new business alongside managing our in-force business and improving variances by enhancing operational delivery and serving our customers’ needs. We have seen good progress in 2024 with improved cash signatures for new business, growth in the number of active agents in the second half and actions undertaken to improve our variances through implementing better health claims management, improving persistency and modernising our IT infrastructure to capture economies of scale,” added Mr. Wadhwani.
Prudential Life Assurance (Thailand) Public Company Limited, known as Prudential Thailand, has been recognised as one of the standout markets within the Prudential Group. The company has announced its impressive performance for the past year (2024), with total premiums received amounting to THB 37,774 million3 marking a 9% increase from THB 34,692 million in 2023. Additionally, the Annual Premium Equivalent (APE) for first-year premiums reached THB 10,876 million1, reflecting a 27% growth from THB 8,560 million in 2023.
Bundit (Kenny) Jiamanukoonkit, Chief Executive Officer of Prudential Thailand stated, "Despite facing economic challenges both domestically and internationally over the past year, Prudential Thailand has maintained strong performance and achieved double-digit growth. This is a testament to our unwavering commitment to developing diverse products and services that cater to the needs of people of all ages. Our flexible life insurance, health, savings, and investment plans adapt to global changes and economic fluctuations, providing support and advice to our customers."
"Additionally, our flexible investment-linked insurance plans provide access to a diverse portfolio of 73 funds, ensuring personalized financial growth and security. Furthermore, Prudential Thailand has strong robust Bancassurance alliances with Thailand’s leading banks, including ttb, UOB, and CIMB Thai, complemented by our comprehensive agents & brokers, telemarketing, and digital channels" Mr. Jiamanukoonkit added.
This year, Prudential Thailand remains dedicated to delivering an enhanced customer experience and serving as a trusted advisor in life, health, savings, and investment, instilling confidence, and trust among Thai people. We believe that life is better together, every day, and we strive to make insurance accessible to all Thai people, including vulnerable groups. For more information, visit www.prudential.co.th.
