Insurance group Prudential’s new business profit rose by about 45 per cent to $3.1bn last year, as its core business in Hong Kong continued to recover from the impact of coronavirus restrictions.
Sales in Hong Kong last year jumped more than 270 per cent, driven by the return of mainland Chinese visitors after the territory’s borders reopened post-pandemic, with savings products accounting for the majority of business.
But sales at its mainland China joint venture, Citic Prudential Life, dropped nearly 40 per cent year-on-year.
Hong Kong shares of the company rose by 1.6 per cent on Wednesday, while the broader Hang Seng index added just 0.2 per cent.
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