3 months ago

Prudential PLC Reports Profit Growth: Financial Overview for 2024

Prudential PLC has demonstrated significant growth in adjusted operating profit for the 2024 financial year. The insurance company, which is focused on the Asian market, continues to strengthen its position thanks to positive trends in its business segments in Asia and Africa.

Financial Highlights

For the twelve months ending December 31, Prudential's adjusted operating profit reached $3.13 billion. This achievement represents an increase of 8% over the previous year at actual exchange rates and a 10% increase on a constant exchange rate basis. These results highlight Prudential's effective international strategy.

Key Drivers of Profit Growth

1. Expansion of Agent Network. The number of agents increased to 67,000 in the second half of 2024, up from 63,000 in the first half, contributing to higher sales and, consequently, profit.

2. Improved Cash Flow. The company reports positive changes in cash management for new business, which have also impacted profit growth.

3. Effective Claims Management. Enhanced management of medical claims allows for cost minimization and process optimization.

4. Development of IT Infrastructure. Investments in technology promote greater automation of processes and improve client services.

Benefits of Business Segmentation

Prudential actively develops its operations in two primary markets: Asia and Africa. The successful segmentation strategy allows the company to adapt to the needs of each region, which is especially important in the context of global economic changes.

- Asian Market. High demand for insurance products and growing average revenue yield have strengthened Prudential's position in this region.

- African Market. Significant investments in the development of local networks and the adaptation of services enable the company to successfully compete in this rapidly growing market.

Conclusion

Prudential PLC's 2024 financial results affirm the successful implementation of its strategy focused on business development in Asia and Africa. With an increase in adjusted operating profit and an expanding agent network, the company demonstrates confidence in its future and readiness to face new challenges on the global stage.

Financial results Insurance Prudential PLC Adjusted operating profit Agent network