APE sales also rise 6% as margins expand to two percentage points.

Prudential PLC reported new business profit of $686m for the first quarter of 2026, up 10% on a constant exchange rate basis for the three months ended 31 March 2026.

Annual premium equivalent (APE) sales rose 6% to about $1.82b over the same period, whilst new business margin increased two percentage points to 38%.

The company said new business profit increased across all segments, with Hong Kong, Mainland China and Malaysia delivering double-digit growth.

In Hong Kong, higher agency and bancassurance sales, alongside a higher proportion of health and protection APE sales and repricing actions, lifted margins.

In Mainland China, CITIC Prudential Life maintained APE sales momentum seen in the second half of 2025. A shift towards participating business as the product mix was rebalanced led to lower profit margins.

Malaysia recorded higher new business profit driven by agency business, whilst bancassurance volumes declined and margins increased as the product portfolio was further optimised.

Indonesia posted modest new business profit growth following a strong prior period. Bancassurance rose at a double-digit rate through its partnership with Bank Syariah Indonesia, whilst the agency channel focused on recruitment to improve activation levels.

Singapore recorded higher APE sales, particularly in the agency channel, driven by demand for savings and wealth products. A shift in product mix reduced margins, resulting in more modest new business profit growth.

The company said it is expanding health and protection offerings and responding to changes in co-payment requirements on certain health plans.

Growth markets and other operations recorded higher new business profit, led by Thailand and ICICI Prudential Life in India. Taiwan performance moderated after strong prior growth, whilst broker channel progress continued.

Eastspring Investments recorded net inflows, led by inflows from the group’s insurance business. Funds under management stood at $268.9b at 31 March 2026, compared with $277.7b at 31 December 2025, reflecting adverse market and foreign exchange movements.