Prudential reported a 1% rise in third-quarter new business profit on Thursday. The Asia-focused insurer saw profits reach $709 million, up from $702 million a year earlier. Higher margins from repricing in Hong Kong helped the firm grow, even as it faced a slowdown in its main mainland China business.
Nov 5 (Reuters) - Asia-focused insurer Prudential (PRU.L), opens new tab reported a 1% rise in third-quarter new business profit on Thursday, as repricing actions in Hong Kong lifted margins and helped offset a slowdown in its mainland China business.
The London and Hong Kong listed insurer's new business profit, reflecting the lifetime profits expected from policies sold, rose to $709 million from $702 million a year earlier. The figure was calculated on a traditional embedded value and constant exchange rate basis.
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Reporting by Shruti Agarwal and Kumar Tanishk in Bengaluru; Editing by Leroy Leo