Prudential Singapore reports strong Q3 results

Prudential's annual premium equivalent (APE) sales increased 9 per cent to £258 million for the three months to Sept 30. -- PHOTO: ST FILE
Prudential's annual premium equivalent (APE) sales increased 9 per cent to £258 million for the three months to Sept 30. -- PHOTO: ST FILE

SINGAPORE - Prudential Singapore saw strong sales and agency growth, the insurer reported on Tuesday.

Annual premium equivalent (APE) sales increased 9 per cent to £258 million for the three months to September 30.

APE sales - a measure of revenue - refer to regular premium sales plus one-tenth of single premium insurance sales, subject to rounding.

Prudential said the performance was mainly because of "an increase in agency volumes, which grew 19 per cent led by regular premium business".

This showed growth in active manpower and improvements in agent productivity.

"Our focus on our health and protection offering through the agency channel in our chosen markets of South East Asia including Hong Kong continues to underpin the strength of our performance in this region," said the insurer in a statement.

It added that in the quarter, new business profit from these markets grew by 25 per cent year-on-year, reflecting strong contributions from the agency and bancassurance channels.