By Selena Li
HONG KONG (Reuters) -Prudential Plc’s operating profit rose 8% in the first six months of 2022, the Asia-focused insurer said on Wednesday, as life insurance sales bounced back from a COVID-induced slowdown in Asian countries.
Adjusted operating profit from continuing operations of the London and Hong Kong dual-listed company was at $1.66 billion for the period, up from $1.57 billion in the year-ago period, it said in a statement.
It was lower, however, than a $1.68 billion average profit estimate of 17 analysts compiled by the insurer.
Annualised premium equivalent (APE) sales, a gauge for insurance sales in annualised metrics, was up 9% to $2.2 billion in the period.
“We achieved stronger APE sales growth in the second quarter as conditions started to normalise in most markets,” Mark FitzPatrick, Prudential Group CEO said in the statement, referring to sales recovery from COVID-19-related disruptions.
(Reporting by Selena Li; Editing by Tom Hogue)
