Prudential Q3 New Business Profit Hits $709m, up 1%

In Short

Prudential reported new business profit (NBP) of $709 million for Q3, up 1% on a constant exchange rate basis. Year to date NBP was $2,093 million, up 6%.

The insurer said its 2026 group new business profit growth guidance is now “more stretching than anticipated.”

What Happened: Prudential Q3 Results And Distribution Focus

Prudential said it continued to benefit from a “diversified business model,” with growth in markets outside its Chinese Mainland life operations. It reported APE new business sales (a way insurers standardise new sales by converting regular premiums into an annual number) of $1,596 million for Q3, down 6% on a constant exchange rate basis. Year to date APE sales were $5,026 million, flat.

The company said a “continued focus on quality” contributed to a 3 percentage point year to date increase in new business margin, which reached 42% year to date. New business margin is a profitability measure for new policies written.

CEO Anil Wadhwani said Prudential offset lower sales volumes from its Chinese Mainland life operations with “strong growth in other markets,” notably through the bancassurance channel, meaning sales through partner banks. Prudential said bancassurance new business profit growth outside the Chinese Mainland was “in excess of 20 per cent” in Q3.

The company added that excluding its Chinese Mainland life operations, NBP grew by 13% in Q3 and 11% year to date.

Why It Matters: Guidance Pressure And Where Growth Is Coming From

Prudential said it has seen “strong momentum” in new business profit at a group level in September and October, including in its Chinese Mainland life operations. But it also said the improvement has been slower than expected, making achievement of its 2026 group new business profit growth guidance “more stretching than anticipated.”

Prudential pointed to distribution investment and agent productivity work, including rolling out “enhanced digital tools,” alongside product and recruitment programmes. It also highlighted performance in the bancassurance channel, Hong Kong domestic business, Thailand, and Malaysia.