pstrongspan style="font-size:11pt; font-variant:normal; white-space:pre-wrap"span style="font-family:Arial,sans-serif"span style="color:#000000"span style="font-weight:700"span style="font-style:normal"span style="text-decoration:none"APE sales increased by 7% YoY to $1.6b.
Prudential’s first quarter new business profit yielded an 11% year-on-year climb, reaching $810m when excluding economic impacts. The period’s annual premium equivalent sales saw a 7% YoY increase, reaching $1.6b.
Notably, new business margins saw a YoY increase, reaching 69%, supported by a 16% YoY surge in health and protection APE sales. CPL's focus on product optimisation led to a 4-percentage-point increase in new business margins, maintaining consistency with full-year 2023 margins. Conversely, Indonesia experienced a 10% YoY decline in APE sales compared to Q1’23, attributed to regulatory actions on investment-linked products.
Though new business margins declined due to business mix effects, overall new business profit surged, underscoring the segment's growth potential.
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